Patna, Nov. 25: Chief minister Nitish Kumar today strongly opposed foreign direct investment (FDI) of multinational companies in retail.

“It will adversely affect local retail shops here because they cannot match the publicity and resources of multinational companies. This act is going to lead to the closure of many local retail establishments. The Centre has paved the way for unemployment,” Nitish said adding that he did not favour multinational companies entry into either retail or supply of seeds. “It will have dangerous consequences,” he said.

Asked if he would allow multinational companies to set-up retail outlets in Bihar, the chief minister said the issue would be looked into later.

“But I did not allow special economic zones (SEZ) to be established in Bihar. The consequence of SEZ, established in other states, is well known,” he said.

The Bihar Chamber of Commerce president, O.P. Sah, expressed fear that local organisations would be worst hit, as they will be subjected to unfair trade war.