Federal Finance Minister, Senator Ishaq Dar on Saturday said that Economic Co-operation Organisation (ECO) countries could achieve economic and trade potential of the region through greater integration and connectivity. According to a statement, the minister expressed these views while talking to Heads of ECO Chamber of Commerce and Industry (ECO CCI) delegations during a meeting held at Prime Minister's Office in Islamabad.
The Minister while welcoming the guests conveyed them felicitation on behalf of Prime Minister Nawaz Sharif, the government and people of Pakistan on a very successful ECO summit. He said, "The role of the private sector would be vital for achieving the 2025 vision of ECO."
He said, "ECO region accounts for 16 percent of the world's population but only two percent of the world's trade. Trade and investment are the areas that the ECO countries specially need to focus and for that regional connectivity is all the more necessary." He said, "Chambers of Commerce and Industries have a leading role to play in this regard." He said, "In addition to ECO initiatives and CPEC, regional connectivity is being enhanced through bilateral and multilateral agreements." He cited the CASA-1000, Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project and Central Asian Regional Economic Co-operation in this regard.
The Minister said, "With dedicated efforts the ECO countries can achieve the objectives described in the declaration of the just concluded summit." "It was indeed necessary to ease procedures for visa facilitation, especially for business community among ECO countries that would in turn help enhance better contacts and trade facilitation," he said. He said, "ECO Chamber of Commerce and Industries needs to play it due role for achieving this objective." Dar also emphasised active role of ECO Trade and Development Bank and its enhanced liaison with business community of ECO member countries to promote trade and business activities in the region.
The Finance Minister said, "Pakistan had achieved macro-economic stability and was now treading on the path of sustainable and inclusive growth." He said, "International experts acknowledged the economic headway Pakistan had made." "During last three years Pakistan has achieved an overall sixty percent revenue growth. We are eyeing a gross domestic product (GDP) growth rate of seven percent in another year or so, and look for greater engagement with ECO countries," the Minister added.
Representatives of different countries including Engineer Gholamhosein Shafei, President ICCIMA and ECO CCI from Iran and Rifat Hisarciklioglu, President TOBB, Turkey viewed that the ECO summit would go a long way in promoting trade and economic opportunities among ECO member countries.
They emphasised efforts for visa facilitation between ECO countries to encourage economic activities. They said, "Pakistan had made noticeable economic strides in the last three to four years. Pakistan was the founding member of ECO and now it had a key role to play for its success in realizing the goal of economic development." They opined that there was due focus now on the silk route and its active role in generating economic activity and ECO countries should also give due attention to this factor. President ECO Chamber of Commerce and Industries, Zubair Tufail said, "Pakistan with a population of 200 million, a liberal investment regime and a bank rate as low as six percent was a great attraction for foreign business and traders community."
He said, "There was enthusiasm shown by representatives of ECO countries at the recent summit for participation in China Pakistan Economic Corridor (CPEC) projects. This would help generate economic activities among the ECO countries." Iftikhar Ali Malik, Vice President SAARC CCI on the occasion specially felicitated the government on successful holding of the ECO summit. Dar wished all the heads of delegations a wonderful stay in Pakistan and hoped they would carry the message of the ECO summit with them for enhancing future co-operation among ECO member countries.
Comments
Comments are closed.