US-backed Israel war on Iran starts affecting Pakistan’s economy: LCCI President Saigol

Faheem Ur Rehman Saigol says oil, raw material supplies disrupted, transport costs rising, warning that prolonged conflict may trigger inflation surge  

LAHORE: (UrduPoint/UrduPoint / Pakistan Point News - March 24, 2026) President of the Lahore Chamber of Commerce and Industry, Faheem Ur Rehman Saigol, has said that the ongoing tensions and war-like situation between Iran and the United States are starting to negatively impact Pakistan’s economy. He warned that inflation and unemployment may increase if the situation continues. He urged the government to make economic decisions in consultation with all stakeholders to protect businesses and industry from further damage.

While talking to media representatives at the Lahore Chamber, he said that rising regional tensions are disrupting the supply of oil and raw materials, which is increasing production costs and transportation expenses. He added that industrialists, traders, and the general public are all facing difficulties under the current circumstances.

He cautioned that if the conflict continues for a long period, Pakistan could face a serious crisis of inflation and unemployment. He noted that if the country had maintained at least a 28-day strategic stock of essential goods, price increases could have been controlled.

He also expressed concern that due to rising prices, Eid shopping remained very low, badly affecting business activities.

The LCCI President said that the business community has started practical steps to conserve energy and will promote careful use of electricity, gas, and fuel in industries and shops. He emphasized that the Lahore Chamber fully supports the government’s austerity campaign to help stabilize the national economy.

Faheem Ur Rehman Saigol also stressed that eliminating terrorism is essential for sustainable economic growth, as peace is a basic requirement for economic stability. He added that an Iran–US war is not in the interest of any country in the region and its effects could be long-lasting. He urged the international community to play an immediate role in resolving the conflict to prevent further damage to regional and global economies.