Ministers from 10 countries spanning the Caucuses, and Central, East and South Asia will gather to mark a decade of achievement, including $17 billion of investments in energy, trade and transportation under Central Asia Regional Economic Cooperation (CAREC) Programme. Finance minister Dr Abdul Hafeez Shaikh is likely to lead Pakistan in CAREC 10th Ministerial Conference at Baku, Azerbaijan, starting from 22nd November till 24th November. It’s the first time that Pakistan is attending CAREC ministerial conference as a full member country. Established in 2001, CAREC brings together Afghanistan, Azerbaijan, People’s Republic of China (PRC), Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. It promotes implementation of regional projects in energy, transport, and trade facilitation from northern PRC to Caucasus and Europe, and from Kazakhstan to warm water ports of Karachi, Gwadar and beyond.
CAREC partnership accounts for more than 120 projects to date, including six extensive transport corridors and energy networks that are beginning to improve lives and livelihoods across the region.
Asian Development Bank (ADB) has contributed $5.5 billion to total CAREC investment since 2001. Ring road, rail and electricity projects in Afghanistan, and East-West Corridor in Azerbaijan are flagship programmes that embody CAREC. About 4,000 km of road and 2,250 km of railway lines have been built or upgraded, opening up corridors of trade and opportunity. Streamlined customs procedures are moving people and their businesses across borders faster and at less cost. Electricity transmission lines and upgraded power plants are beginning to boost vital energy trade in the region that will bring prosperity and security.
Ministerial conference will also launch CAREC 2020 as the new roadmap for the next 10 years. This will provide a blueprint to help countries expand trade, spur competitiveness in broader global economy, and reposition Central Asia as pivot of regional trade. Six multilateral institutions support work of CAREC that includes ADB, European Bank for Reconstruction and Development, International Monetary Fund (IMF), Islamic Development Bank (IDB), United Nations Development Programme (UNDP), and World Bank. ADB has served as CAREC Secretariat since 2001.
