Industrial sector worried over competition with Chinese giants. Mechanism demanded for industrial cooperation between two countries.

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November 21, 2016

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 industrial sector is worried of 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 government should take steps to ensure their survival, he said.

Mian Zahid 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 in tilted in favor of Beijing which has already taken toll on the industrial sector while no plan has been divulged to balance the deal in the second phase of trade negotiations.

Mian Zahid Hussain said that both the friendly nations should devise a strategy to ensure cooperation between the industrial sectors of both the countries which requires greater vision.

He said that tariff commission should be improved so that it can take timely steps to protect local industry from unfair business practices.
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