Staff Reporter
Karachi
President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance Mian Zahid Hussain on Wednesday expressed apprehension that coronavirus can kill globalisation.
After the 2008 global financial crisis the US-China trade war has shaken the foundations of globalisation and the pandemic may be the last nail in the coffin of free-market mantra, he said.
Mian Zahid Hussain said that the concept is getting unpopular among people, US is not ready to play its due role due to financial difficulties, other nations are not well-placed while China is ready to go to any extent to safeguard its interests which can shatter globalisation.
Talking to the business community, the veteran business leader said that many countries have lifted or eased lockdown triggering economic activities but the movement of goods, services, immigrants, capital, services and flow of information may never gain pre-pandemic levels contracting global economy.
He said that the US is discouraging overseas investment and migration while it is pressurising companies to shift their manufacturing back to the US so that the maximum number of Americans can get jobs.
He said that China will spend four trillion dollars on Belt and Road initiative (BRI) which has been accepted by 138 countries. Pakistan’s government, policymakers and business community should try to get maximum benefit from the opportunities arising from the Chinese move and adjust to the international market.
