Cheaper goods for CPEC projects PBIF for reducing import duty on raw materials

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has emphasised that the import duty on raw material should be reduced so that locally manufactured goods become cheaper to automatically become choice of the contractors of China-Pakistan Economic Corridor (CPEC).
Local manufacturers can benefit from the huge economic activities of CPEC, the world's largest and most beneficial project that will benefit billions of people. "It will generate more employment opportunities, if government takes steps to promote local industry," he opined. He called for enhanced participation of the local industry in the CPEC, saying CPEC can benefit hundreds of industries of the country which can result in industrial expansion, revenue generation and matchless employment opportunities.
Hussain said that new investment was needed in steel, cement, financial and other sectors to cope with the challenge which will also promote bilateral social and economic relations between the two countries. Such unprecedented demand will not only allow full utilisation of the existing manufacturing potential, but also encourage many manufacturers to increase their production capacity, he said.
The steel demand has been projected to jump from current four million tonnes to six million tonnes which will be difficult for steel sector comprising 475 steel making units unless patronised, he remarked. He said that CPEC would benefit all the provinces and country would emerge as the economic hub in the region which will stimulate the economy by increasing the demand for goods and services.
He said that this would generate much needed employment opportunities, and also contribute a sizeable amount of revenue to the national exchequer. He said that local manufacturers were facing multiple problems, therefore, the government must support them by taking effective measures to include locally produced goods in all the power projects.