ISLAMABAD: The Central Asia Regional Economic Cooperation (CAREC) has given membership accession to Pakistan, paving the way to link the landlocked states with the Arabian Sea ports of Gwadar and Karachi.
Asian Development Bank’s Central and West Asia Department Director General Juan Miranda informed this at a telephonic news conference on Tuesday. He said that Pakistan and Turkmenistan were given accession at the ministerial conference of the member states held in Cebu, Philippines on Nov 2. The inclusion of Pakistan will consolidate the ten states’ regional cooperation and partnership in the sectors of transport, trade and energy related projects.
“With Pakistan becoming gateway to Central Asia, the flow of people, goods and capital will increase and help in attracting foreign investment.” Investment would increase in trade, roads, railways, energy pipelines and transmission lines within the region. The Asian Development Bank would provide technical assistance and financing for the projects. The technical assistance will include trade facilitation, transport agreements and development of the roads and railways links.
“Pakistan has lots of experience in railways and it can play a major role in establishing railway network in the region which the bank plans to undertake,” he said. He did not agree to a question that volatile situation in Afghanistan was an impediment in regional cooperation.
“The situation may not be that good today but would not remain so forever,” he said, adding that the ADB had invested in many infrastructure projects in Afghanistan and found that investment in development improved security.
