Sustained economic growth: FCCI chief urges regional states to formulate workable policy

Regional countries should formulate a workable policy for sustained economic growth in the wake of enhanced connectivity in the shape of CPEC coupled with restoration of peace in South Asia, said Faisalabad Chamber of Commerce & Industry (FCCI) president Syed Zia Alumdar Hussain.
Addressing a function on 'CPEC-Gateway to Progress, Prosperity and Connectivity' organized by ACCA (Association of Chartered Certified Accountants), he said no doubt connectivity will spur economic opportunities but at the same time it will widen gap and competition between the developed and under developed countries of the region.
"In this disadvantageous situation, the under developed countries would have to harness their skills to compete with their developed neighbours", he said and apprehended that they would become only a market for the surplus production of developed countries if they failed to improve their production sector.
He told that there is hell of difference between the economic parameters of countries falling within this region and we must concentrate to upgrade the technologies of the under developed countries otherwise the scale of economy of china will badly effect the industry and SME sector of other countries. He stressed the need for joint ventures with Chinese companies so that the issues of technology transfer and liquidity problem could be solved simultaneously. He told that China's rapidly growing economy is expected to top the rest of the world's economies by 2050. He further said that "Belt and Road" is a big initiative for Pakistan. It includes many mega projects including 21st Century Maritime Silk Route, Bangladesh-China-India-Myanmar Economic Corridor, China-Mongolia-Russia Economic Corridor, China-Central Asia-West Asia Economic Corridor and China-Indochina Peninsula Economic Corridor.
Continuing, he told that GDP of Faisalabad is projected to rise to $37 billion in 2025 at a growth rate of 5.7 percent which is higher than the growth rates of 5.5 percent predicted for Karachi and 5.6 percent for Lahore. He further told that in the 7th meeting of Joint Cooperation Committee, it was agreed that the contents and vision of CPEC would be expanded and three more pillars including Agriculture, Poverty alleviation, and People to People exchanges would be added to the existing four pillars, which are energy, infrastructure, transport and railway, and Gwadar Port. He further told that realizing the opportunities and challenges of CPEC, the FCCI has constituted a special Standing Committee on CPEC which had published a comprehensive Study Report on 'CPEC-Opportunities and Challenges' in mid of 2017'. A Chinese Help Desk has also been set up at FCCI in addition to arranging Chinese Language Courses for the FCCI members intending to deal with china in the fast changing regional environment.
He said there are new opportunities also cropping up for the Chinese companies to launch Joint ventures and double trading opportunities particularly in agriculture machinery and equipment, establishment of recreational clubs and facility, hotel construction, solar technology and solar cell industry, technical testing facilities, livestock and dairy development, milk processing, fruits, vegetables & flowers grading, and packing & processing. He told that China Pakistan Economic Corridor (CPEC) also brings huge opportunities for Faisalabad due to its close proximity with the Eastern Route of CPEC.
Earlier, Faisalabad Women Chamber of Commerce & Industry (FWCCI) president Robeena Amjad said Pakistan is strategically located in South Asian part of the continent which is the only option to link china with rest of the world including oil rich countries of Gulf and Arabia. She further said that we have to re-align our priorities to get maximum economic benefit from this modern Silk Road. She said we have to involve our SME sector in this mega project of CPEC, which could grow through value addition and accreditation of technology in the years to come. She further suggested that we must explore ways and means to involve the 50% female population in productive economic activities. She told that FWCCI has already launched an aggressive sensitization program to convince Women Entrepreneurs and activists to be a part of this modern Silk Rout as unlimited opportunities are waiting for them under this project.
The meeting was also attended by ACCA Pakistan head Sajjeed Aslam, central region head Muhammad Shahid Khan, BDM Faisalabad Shah Muhammad Khan, FWCCI SVP Haniya Javaid and vice president Urwa Nabeel.