LAHORE: Nazir Hussain, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) said that the ongoing Shanghai Cooperation Organization (SCO) summit will be a platform to promote regional cooperation, trade, and financial connectivity among member states during a meeting held at PCJCCI Secretariat today (Tuesday).

The Council of the Heads of Government (CHG) is the second-highest decision-making body in the SCO and plays a pivotal role in shaping the organization’s economic initiatives and deciding institutional matters. He emphasized that the summit will help in enhancement of trade relationships, the optimization of customs processes, and the promotion of deeper economic partnerships among member nations.

He also shared about Pakistan’s dire economic situation marked by rising inflation, dwindling foreign reserves, and sluggish growth presents an urgent need for new economic partnerships. This is where the SCO’s economic dimension comes into play. By deepening its ties with member states, Pakistan stands to benefit from regional markets, infrastructure investments, and increased trade flows, particularly through China’s Belt and Road Initiative.

Brig Mansoor Saeed Sheikh (Retd) Senior Vice President PCJCCI said that summit would boost Pakistan’s image and its future prospects, particularly at a time when the country is seeing positive developments in its economy. He also highlighted the importance of the SCO as a key forum for regional cooperation, calling it an honour for Pakistan to host the summit.

Copyright Business Recorder, 2024