Business community raising questions about benefits of CPEC
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Duty free equipment imports for CPEC deprive local industry of benefit
Arrangement not helping industrial expansion, job creation in Pakistan
The Pakistan Economy Watch (PEW) on Sunday said business community has started raising questions about impact of CPEC on local industry.
Government has allowed import of all the machinery and other equipment without any duty and taxes for the project which has put local industry on disadvantage that is against the national interests, it said.
Dr. Murtaza Mughal said that cost of doing business is very high in Pakistan therefore locally produced goods cannot compete with the goods imported without any duty and taxes leaving local manufacturers high and dry.
In this scenario, he maintained, local heavy and cottage industry is not getting benefit of the 46 billion dollar investment which is impeding industrial expansion, revenue and job creation.
He said that government should review the arrangements for CPEC so that it can contribute in the industrial expansion in Pakistan as a lot of industrialists have started preferring trading due to difficult environment which is a threat to the economy.
The business leader said that during their long rule, the British made thousands of miles of road and rail network, bridges, educational institutions, hospitals, largest river system and airports etc. but their objective was not to benefit masses but to prolong their rule.
After independence, many governments have failed to design projects keeping benefit of masses in the mind that is one of the reason behind opposition to the mega projects, he added.
He said that many people in Pakistan dubs CPEC as a gift while Chinese companies term it a business deal beneficial for the both nations.
Dr Mughal said that government should consider reservations of the business community and keep interests of masses supreme in all the projects.
