With more than one-fifth of the world’s population, the South Asian Association for Regional Cooperation (SAARC) region is home to two-fifth of the world’s poor.
“The region accounts for only three percent of global output and two percent of world exports,” Saifuddin Zoomkawala, Chairman Committee on Finance and Insurance SAARC Chamber of Commerce and Industry, told the two-day second SAARC insurance regulators meet and international conference commenced here at a local hotel on Tuesday.
Intra-regional trade has stagnated at around 5 percent of its total trade compared to over 50 percent in East Asia and around 20 percent in Latin America, said Saifuddin. “Even Sub-Saharan Africa, with poor transport and telecommunication infrastructure, scores above South Asia, with over 10 percent of its trade being intra-regional,” he said, adding the safety and happiness of the people lies at the heart of the insurance industry.
“It is essential that the industry progresses and professional development that results from this conference is felt by the citizens of the SAARC region,” Saifuddin said.
In his address, Federal Minister for Inter-Provincial Coordination Riaz Hussain Pirzada suggested the development of a regional forum of insurance regulators. The body, the minister said, would aim at aggressively managing the overall development and cooperation in the field of insurance and reinsurance in the region.
The theme of the moot ‘Local to Global’, the minister said, denoted that the participants had gathered to cohesively work on their shared cardinal objectives that was for furthering the financial stability, supporting inclusive growth within the financial system and provide adequate protection to policyholders while bringing global experiences to resolve regional challenges.
The minister said his government believed that it was important to deliver prudent economic management and this approach would sustain with a relatively strong financial position in future.
“We also feel that consequently, the focus on pro-growth services such as housing, planning, economic development, culture and communication is to be managed proportionately,” said he. Such efforts and focus would ultimately lead to a better economic prosperity.
Pirzada said the government was striving to develop harmony and coordination among the state and provinces and there was a clear need that an absolute level of coordination should also be developed at regional and perhaps global level for the overall development of trade and economic activities, including insurance.
“With this, I am confident that we should be able to harness the complete potential of the economic powers that lies within us,” he said. Similarly, he saw a lot of opportunities for insurance companies and related entities to collaborate on regional level for exchanging their knowledge and experiences while developing synergies to manifest the true essence of innovation and growth.
The minister said this event was also a link in this chain where he felt that Pakistan has tried to bring together the best minds from all over the world to exhibit their passion for collective development, knowledge sharing and learning from each other.
“I sincerely hope that other members from the SAARC region as well as other developed and developing countries will also continue to regularly host such events to help all of us to take the path to collaboration and success. I am glad to see a vast array of speakers, presenters, panellists and audience from diverse backgrounds and with exuberant knowledge capital. I am, therefore, confident that all the delegates will walk out of this conference with an increased level of comprehension in their respective professional domains”.
Glad to see the participants from the SAARC countries including Pakistan, India, Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives and Afghanistan, the minister welcomed the participants from Turkey, Germany, USA, Switzerland, Singapore, Hong Kong, Bahrain, UAE, Qatar, Malaysia, Philippines and Kenya.
“This is indeed an encouraging sign and gives us a sense of more increased responsibility to be shouldered for the development of financial sector, especially insurance, in the region and most importantly in Pakistan,” he viewed.