Karachi: President of the Korangi Association of Trade and Industry (KATI), Muhammad Ikram Rajput, has expressed deep concern over escalating tensions in the region involving Israel, the United States, and Iran, warning that a potential conflict in the Gulf and any disruption to oil and gas supplies through the Strait of Hormuz could have far-reaching consequences for the global economy, particularly for developing countries like Pakistan.
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He stated that such a situation could trigger severe economic challenges, including a surge in petroleum prices, an intensified energy crisis, and a sharp increase in industrial production costs. Rajput emphasized that if the conflict expands, Pakistan’s economy and export sector could come under additional strain.
KATI President urged the government to take the business community into confidence before making decisions regarding energy conservation measures or imposing any potential lockdown. He stressed that rising energy costs would directly impact industrial output and could slow down overall economic activity.
Rajput also appreciated the Government of Pakistan’s diplomatic efforts aimed at easing tensions between the United States and Iran and promoting dialogue.
He noted that Pakistan has consistently advocated for peace, stability, and conflict resolution through negotiations, adding that the country’s balanced and responsible foreign policy plays a crucial role in maintaining regional stability.
He further thanked the Iranian government for allowing Pakistani vessels to pass through the Strait of Hormuz, calling it an important opportunity for Pakistan to make advance arrangements in light of potential energy shortages.
Welcoming ongoing diplomatic initiatives to encourage dialogue and prevent escalation, Rajput said these efforts could prove beneficial not only for the region but for the global community at large.
He also urged the international community to take immediate steps to de-escalate tensions, avoid conflict, and work toward sustainable peace through negotiations.
Rajput said that the industrial and business community strongly desires peace and stability, as sustainable economic growth depends on a secure and stable environment.
He expressed hope that continued diplomatic efforts would succeed in averting a major crisis in the region.