Daily Times

KARACHI: The business community has started questioning China-Pakistan Economic Corridor’s (CPEC) impact on the local industry, the Pakistan Economy Watch (PEW) said on Sunday

The government has allowed the CPEC’s imports without any duty and taxes – of all the machinery and equipment – putting the local industry on a disadvantage and consequently works against national interests, PEW said.

According to PEW’s Murtaza Mughal, the cost of doing business is very high in Pakistan therefore the locally produced goods cannot compete with the ones imported – without any duty and taxes – and leaves the local manufacturers high and dry.

In this scenario, he maintained, local heavy and cottage industry fails to benefit from the $46 billion investment – which impedes industrial expansion and job opportunities. He said that the government should review CPEC’s arrangements in a way that it contributes to expansion of Pakistani industry as several industrialists have moved towards trading – which is a threat to the economy.

The business leader said that the government has failed to come up with projects that benefit the masses – which is one of the main reasons such mega projects face opposition.

Many Pakistanis dub CPEC as a gift while the Chinese term it ‘a business deal beneficial for the both nations’. He urged the government to consider reservations of the business community and keep the masses’ interests above all in every project.