Pakistan should integrate with $20 trillion SCO Economy Irfan Iqbal Sheikh
Karachi, September 16, 2022 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has emphasized that Pakistan must aggressively promote its trade, investment and economic ties with the SCO nations; as the formidable bloc has a cumulative GDP of $20 trillion. This will mean broadening of export markets, becoming part of major supply routes of the world, major joint ventures, transfer of technology and foreign direct investment (FDI) by major retail groups and industrial conglomerates from SCO countries, he added.
President FPCCI noted that Pakistan has many close allies in SCO and these bilateral and multilateral relations should be translated into commercial and economic relations through people-to-people, business-to-business and chamber-to-chamber relations; and, joint trade promotion activities. He added that an economic bloc with a GDP of $20 trillion can uplift Pakistan out of all its economic shortcomings; provided we work hard and diligently to tap the opportunities and potential that SCO offers.
Being the President of country’s apex body, Mr. Irfan Iqbal Sheikh represented Pakistan in the board meeting of the high-powered business council of Shanghai Cooperation Organization (SCO);which held in Tashkent, Uzbekistan. He apprised the audiences of the economic aftermath of the most devastating floods of Pakistan’s history and the need for the international community to swiftly provide the much needed relief and assistance. He elaborated that the extent of damage is so much that Pakistan will need upwards of $15 billion for rehabilitation of the affected populace and reconstruction of the infrastructure.
Mr. Irfan Iqbal Sheikh apprised the SCO Business Council that Pakistan has implemented land-based logistics convention, i.e. TIR, measures initially for Turkey and Azerbaijan; and, by the end of this year, we are going to start land-based transportation to Uzbekistan as well. Eventually, through TIR, Pakistan will expand to Russia and other Central Asian states. He informed that TIR has cut short the transit time by two-thirds and more than halved the transit cost for the trial consignments to Turkey.
FPCCI Chief has highlighted that SCO region offers enormous potential for Pakistani exports in goods and services; and export of skilled and semi-skilled workforce. He has offered to collaborate on regional trade exhibitions and exchange of trade delegations. Pakistan can multiply exports of its world-class products and services to SCO countries; namely, value-added textiles; IT and ITeS services; surgical instruments; sports goods; cultural artifacts; rice, fruits and vegetables and precious stones and minerals. The time has come that we should look east and expand, enrich and diversify our trade, investments and economic relations with the new and untapped markets, he added.
For more information, contact:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan