There is no doubt that multinational corporations have a long history in Pakistan and have contributed a fair deal in bringing foreign capital into the country. But does this contribution outweigh the prevailing system of oligopoly that these international firms have created in our economy?
The bitter truth is that Pakistan still has a long distance to travel on the road of development. Our local firms cannot compete with the competition that these multinational corporations bring into the market and are easily suppressed which, in fact, slows down whatever progress the country is making in its course of economic growth. However, this is a controversial issue but if you look at all the advanced nations in the world you will find that there the preference is given to the local companies. It’s the home industries that hold dominance in nations such as the USA and UK. Therefore, in order to maintain our individuality it’s highly crucial that we promote our local firms.
There’s no denying the dependency of our service and business sector on multinational corporations as the local companies fail to provide adequate service in most cases. They need to improve the quality and standard of their services on urgent basis and it is indeed a major responsibility of the government to invest for the growth of the local business so that it may flourish and can someday compete with the high standards of the international companies.
JAVERIA NASIR
Karachi