The region of South Asia has immense potential for intra-trade, industry and services, which need to be tapped through co-ordinated efforts at private sector level, however, greater political is required to make Safta workable.
This was stated by Tariq Sayeed, the immediate past President, Saarc Chamber of Commerce and Industry (SAARC CCI) during his keynote address at conference on "Regional Co-operation in South Asia: potential for Joint Ventures and Investment" held on 17th January, 2010 at Dhaka, Bangladesh.
Citing some examples of joint ventures established within Saarc member nations, he said as the results of 10 joint ventures in areas of textiles and garments, 20,000 jobs have been created and exports of the valued-added products has increased from 20 percent to 25 percent.
Highlighting the importance of investment, he said that China's radical growth (from 40th to 3rd largest economy from 1952 to 2008, was the result of FDI, which China attracted from the World. Annisul Hauq, the newly elected President, Saarc CCI from Bangladesh in his welcome remarks said that South Asian region has been endowed with enormous natural and human resources and formed 22 percent of global population, despite that size of exports was only $242 billion, which was even less than Singapore. He said that the region should focus on value addition and the governments of Saarc nations should provide investment friendly policies to attract FDI, which was required to take quantum leap in export and to boost the economy.
Dr S A Samad, Executive CEO, Board of Investment, Government of Bangladesh said that pooling of resources will be instrumental for promoting regional economic co-operation. He said that FDI was essential to bring about technological changes, institutional capacity building, innovation, which was required to improve overall productivity of industrial units in South Asia.
He asserted the private sector to focus on joint ventures and investment, which would help increase trade manifold. Iqbal Tabish, SG-Saarc CCI moderated the session. A large number of delegates from all south Asian nations participated the seminar including a 27-member delegation from Pakistan comprising Iftikhar Ali Malik, VP-Saarc CCI, Sheikh Jamil Mehboob Maggoon, Fazal Elahi, Mansh Churra, Mumtaz A. Sheikh, Aftab Ahmed Barlas, Engr. Daroo Khan Hameed Akhtar Chadda, Vice President, FPCCI and Mirza Abdur Rehman, GA Member, Saarc CCI, Nazeer Ahmed Paracha, Maqsood Butt, Khwaja Rasheed, Saquib Fayyaz Maggoon, Shahid ur Rehman, Shahrukh Malik, Momina Malik etc.-PR
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