Industrial sector worried over competition with Chinese giants

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KARACHI: President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain yesterday said industrial sector was worried over expected competition with the Chinese companies in the backdrop of CPEC. “Pakistani companies, especially the small industries, are worried that global Chinese companies will drive them out of the business which is against their interest; therefore, the government should take steps to ensure their survival,” he said in a statement. Hussain said that CPEC is a fate changer project which is being supported by majority of the population but unnecessary secrecy has resulted in anxiety among some stakeholders which is against the national interests. “Uncertainties in the industrial sector is disadvantageous to the industrial expansion in Pakistan which some believes that CPEC may transform Pakistan into a consumer market creating issues like reduced revenue and joblessness.” The business leader said that FTA between China and Pakistan was tilted in favour of Beijing which had already taken toll on the industrial sector while no plan had been divulged to balance the deal in the second phase of trade negotiations. —PPI

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