LAHORE: The Pakistan International Business Forum (PIBF) has expressed grave concern over escalating tensions and conflict in the Gulf region, particularly involving Iran, Israel and the United States.
In a joint statement, PIBF Central President Dr Mushtaq Mangat and Central Secretary General Muhammad Ejaz Tanveer said the ongoing hostilities were seriously harming the economic interests of countries across the region.
They said instability in strategically sensitive areas was disrupting international trade corridors, increasing volatility in global energy markets and undermining investor confidence.
The forum noted that rising tensions were contributing to higher oil prices, increased freight and insurance costs, and uncertainty in financial markets, placing additional pressure on developing economies, including Pakistan and other South Asian states that are heavily reliant on energy imports and remittances from the Gulf region.
Dr Mangat said sustainable economic growth could not be achieved in an environment of prolonged conflict, adding that geopolitical instability weakens industrial productivity, discourages foreign direct investment and adversely affects employment generation across interconnected markets.
Tanveer urged all parties to exercise maximum restraint and prioritise diplomatic dialogue to prevent further economic deterioration. He said the global business community strongly favoured the peaceful resolution of disputes to safeguard long-term commercial stability and regional prosperity.
