Finance Minister Senator Ishaq Dar on Saturday said ECO countries could achieve economic and trade potential of the region through greater integration and connectivity, and the role of the private sector would be vital for achieving the Vision-2025 of the Economic Cooperation Organisation (ECO).
The minister was talking to the heads of ECO Chamber of Commerce & Industry (ECO CCI) delegations at a meeting held at the PM’s Office, according to a press release.
The minister welcomed the guests and felicitated them on behalf of the prime minister and people of Pakistan on a very successful ECO Summit.
The minister said that ECO region accounts for 16 per cent of the world’s population but only 2pc of the world’s trade.
Trade and investment are the areas that the ECO countries especially need to focus and for regional connectivity, it is all the more necessary, he added.
He said in addition to the ECO initiatives and the CPEC, regional connectivity is being enhanced through bilateral and multilateral agreements. He cited the CASA-1000, TAPI and Central Asian Regional Economic Cooperation in this regard.
Dar said that with dedicated efforts, the ECO countries could achieve the objectives, described in the declaration of the just concluded summit.
He said it was indeed necessary to ease procedures for visa facilitation, especially for business community among ECO countries that would in turn help enhance better contacts and trade facilitation.
Dar also emphasised for an active role of the ECO Trade and Development Bank and its enhanced liaison with business community of ECO member countries to promote trade and business activities in the region.
He said during last three years Pakistan has achieved an overall 60pc revenue growth. “We are eyeing a GDP growth rate of 7pc in another year or so, and look for greater engagement with the ECO countries,” he added.
The representatives of different countries including Gholamhosein Shafei, president of ICCIMA and ECO CCI from Iran; and Rifat Hisarciklioglu, president TOBB, Turkey were of the view that the ECO Summit would go a long way in promoting trade and economic opportunities among ECO member countries.
They opined that there was a due focus now on the silk route and its active role in generating economic activity and ECO countries should also give due attention to this factor.
Ishaq Dar wished all the heads of delegations a wonderful stay in Pakistan and hoped they would carry the message of the ECO Summit with them for enhancing future cooperation among the ECO member countries.
