Trade, investment promotion and Industrial integration are the basic ingredients for economic growth of the ECO region, said President FPCCI Chaudhry Mohammad Saeed here on Monday. "To obtain these objectives a forward-looking, pragmatic and labour intensive industrial policy is required which could be estimated, measured and quantified," he added.
"If a common strategy on identified and prioritised industrial sub-sectors in line with standardisation requirements of WTO regime is adopted it will enable ECO region to face the challenges of trade related investment measures (TRIMS), trade related aspects of intellectual property rights (TRPS), sanitary and phyto-sanitary principles (SPSPs), accreditation and certification, health and environment, dumping, safeguard and countervailing measures," he added.
He was speaking at inaugural session of four-day conference organised by Expert Advisory Cell for the second experts group meeting (EGM) to prepare ECO Regional Strategy on Industrial Co-operation.
He said ECO-Industrial Strategy should aim at creating employment opportunities, poverty alleviation to help stand beside prosperous nations in obtaining goal of Regional and Millennium Development.
Presently ECO region had more than seven percent GDP growth rate and occupied 25 percent mineral resources of the world but this potential was not reflected in the lives of common men of the region. Poverty and Unemployment still remained the most concerned challenge, he said.
Saeed said the non-existence of modern technology, adhesion to agro-based industry, lacking of skilled labour force, outdate trade practices and non- availability of modern infrastructure were some of the issues waiting the response from enlightened society of ECO Region.
"We have meagre contribution of only 1.5 percent in total Trade of the World and even less than 1 percent share in total foreign direct investment of the World which has regarded ECO as an unsuccessful economic grouping," he added.
He underlined the need to create better comprehension of competitive atmosphere in industrial sector for which he stressed to transform the focus from light engineering base to high tech and modern technologies so that the problem of Cost could be addressed effectively.
He urged ECO countries to employ this technique and recommend the holding of Annual ECO Industrial Exhibition in each member Country every year on rotation basis. Director ECO, Secretariat Fatih Unlu also spoke on the occasion.
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