The SAARC Chamber of Commerce and Industry President, Suraj Vaidya, on Tuesday announced to organize a high-level "three-day 6th mega edition of SAARC Business Leaders Conclave (SBLC) on March 16 at Kathmandu, Nepal. Suraj Vaidya disclosed this at a meeting with SAARC Chamber (Pak chapter) Vice President Iftikhar Ali Malik. The SAARC Chamber of Commerce and Industry in collaboration with Federation of Nepalese Chambers of Commerce and Industry would organize the conclave in which chambers from all South Asian member countries will participate besides highlighting the importance of trade in the region, he said.
Unfolding the salient features of the enclave, Suraj said the theme of this year's conference is "unleashing shared prosperity through economic integration". The Nepalese Prime Minister will inaugurate the event while ministerial round will have the participation of all the commerce ministers of SAARC member nations.
Over 500 leading business leaders, eminent international experts and senior dignitaries from public and private sectors of SAARC member nations are expected to attend the business conclave and contribute to the economic development of the region.
Highlighting the importance of the economic integration in South Asia, he said the urgency of the need for new policies to stimulate economic growth is all the more poignant because the region as a whole remains plagued by extreme poverty.
Suraj Vaidya said the geopolitical importance of South Asia shared borders with Central Asia and the oil-rich Gulf, and its human capital makes the region's potential for growth enormous. He underlined the need of opening markets for each respective country of the SAARC chamber and lower barriers to trade and investment, especially to regional partners, while improving economic freedom with a deliberate focus on strengthening rule of law, eradicating endemic corruption, and reducing bureaucratic regulations that harm businesses and investors.
Iftikhar Ali Malik said the regional dynamic is skewed in such a way that the larger economies, India and Pakistan, are more likely to import from more distant countries than from the region. He said India and Pakistan import very little from the region with India importing considerably more from Sri Lanka and Bangladesh than Pakistan. The 6th SAARC Business Leaders Conclave is an opportunity where leading business leaders, politicians, opinion makers, prominent academicians, and industry players, renowned and celebrated figures of South Asia, being the drivers of socio political change, can vocally advocate policies that promote such integration, he added.
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