Business Recorder
Govt urged to protect & promote local industry

Govt urged to protect & promote local industry




RECORDER REPORT

KARACHI: President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has urged the government to adopt measures to protect and promote local industry through allocations in the financial budget.

“Growth rate, provision of jobs and revenue cannot be enhanced unless industrialization is promoted through policy measures,” he said, adding that around two million youths enter the job market every year which can get jobs if industrial sector is expanded.

Mian Zahid said that local industry is going down because of energy crisis, water scarcity, increased taxation and harassment by different agencies. Moreover, industrial sector is worried over relaxations offered to the Chinese investors which, he thinks, would put the local investors to disadvantage and it would be against the norms of level playing field. He urged that industrial sector should be informed about the details of Chinese industry that would operate in Pakistan, their output and market.

“People should know the loans acquired for CPEC, repayment schedule, interest rate and all other details” he demanded.

PBIF president further said that billions of dollars were being spent on road and railway infrastructure but it is not clear that country would be responsible for its maintenance which would cost billions, annually. He said that CPEC is a game changer for both friendly countries.



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