KARACHI, Sept 13: The uncertainty triggered by increasing US attacks in the tribal areas is hurting business sentiments in Karachi, Lahore and other cities, but businessmen are not forthcoming with a direct and straight comment because of obvious reasons.

Few warn that outcome of the present firework would emerge after some time, but many believe that business and economy in Pakistan is in its worst phase and any further worsening would deteriorate the situation.

In private, the businessmen agree with the assessment given by politicians, academics and well known analysts that US administration is applying all pressure on Pakistan to get some tangible results to show to US electorate before next American presidential elections.

They believe that extremists have been using women and children as human shield and their casualties in Pakistan-Afghan border from US intrusion is stimulating strong anti-American feelings which has a potential of turning into a strong anti-Islamabad wave and may cause destabilisation.

Many businessmen believe that business sentiments in Pakistan were shaken by the killing of PPP leader Benazir Bhutto on Dec 27 and it never recovered from that shock.

“There are very few occasions to enjoy,’’ a business leader recalled while reminding Feb 18 election results, the formation of a coalition of major political parties. That was followed by depressing events.

“It has all along been dull and drab, and the situation has remained uncertain for the last eight or nine months,’’ said a corporate leader who added that the flight of capital from Pakistan was witnessed on an unprecedented scale. Multinational corporations, international organisations, world sport bodies and business bodies are reluctant to hold events in Pakistan.

“Imagine Harvard alumni from South Asia planned to have their annual session in Pakistan in December 2007,” a well known corporate leader said to point out that the event was held in New Dehli.

A task force on Small and Medium Enterprises of Organisation of Islamic Countries (OIC) held its meeting in Bangkok last month instead of Pakistan because of the reasons known to all.

“No impact at all,” remarked Akbar Sheikh, a former chairman of All-Pakistan Textile Mills Association, as he is convinced that business sentiment in Pakistan, at present, is at its lowest ebb to the extent that it cannot be pulled further down. “Why should we bother on implications of US intrusion in our territory when Pakistan’s industry has been given a crippling blow by the budget and post-budget measures,’’ he remarked in a telephonic conversation from Lahore.

Nonetheless, as a Muslim, a Pakistani and as a human being “my heart bleeds on killing of innocent men, women and children in these attacks.’’

“Any threat on national security is bound to dampen business sentiment,” remarked spontaneously another former chairman of All-Pakistan Textile Mills Association who fears further mounting pressure in the days to come.

Saudi Arabia’s delay in taking a decision on extending six billion dollars oil facility to Pakistan is the first manifestation of how Americans can pressure Pakistan.

As he disclosed, the elected government was planning to approach Kuwait, Qatar and UAE to seek financial relief from the present acute economic crunch.

At least for the next few weeks, till the next US presidential elections, he advised that we should wait and see.

Iqbal Ibrahim, the All-Pakistan Textile Mills Association chairman in Europe, endorsed the position taken by the Army chief and the government, but refused to go beyond this as what he said, “I am not a politician.”

He made it clear that as a businessman and leader of business community it was none of his business to advise what the government should do and what it should not do.

He declared that the business community would be with the government on whatever position it takes on external relations.

Majyd Aziz, a former president of Karachi Chamber of Commerce and Industry, said that the business community is yet to take stock of the situation arising from recent developments on Pakistan-Afghan border.

He appreciates the position taken by the Army chief which was later endorsed by the elected political leadership, but supports opposition parties’ plea of convening a joint parliamentary session.

“Prudence and caution should be the hallmark of the position to be taken on such a sensitive and explosive issue,” he suggested.

The best course, he said, would be to demonstrate to US and world at large that all Pakistanis share same concern on US intrusion into our territory.

“Only Pakistanis have a right and the capacity to address this issue,’’ he stressed.