February 20, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former Provincial Minister Mian Zahid Hussain on Monday said globalization has not helped the world but inflicted miseries on the underdeveloped nations.
Many countries are trying to suit themselves to the globalization which many see as systematic and legitimized plunder, he added.
Mian Zahid Hussain said that many economists see direct link between globalization, unemployment, unrest and unemployment which resources are systematically moved from developing world to the developed world.
Globalization has increased unemployment and increased inequality which is hurting the society and national interests, he noted.
The business leader said that rich nations are forcing poor ones to accept their terms for trade and other issues and buy their products even if these are not suitable for them.
Giving an example, he said that developed countries are exporting GM food to developing nations despite the fact that the same is banned in their own countries which is height of cruelty.
Moving forward, he said that the recent amendment in Pakistan Seed Act is a legislative disaster that will have negative impact on entire cotton group including textiles and for the food security.
Many developing countries are involved in conflicts reducing their GDP while supporting the GDP of developing economies which are the major beneficiaries of the struggles.