Karachi: Business leaders have called for establishment of dedicated investment and trade development bank within Shanghai Cooperation Organisation (SCO), aimed at facilitating transactions in local currencies. 

Proposed bank would operate independently of dollar, euro, or British pound, promoting trade through local currencies, common currency, or barter systems to reduce reliance on Western financial systems. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Golden Ring Economic Forum organised roundtable Conference on ‘SCO and Pakistan’s Economic Interests,’ according to press statement released. President FPCCI Atif Ikram Sheikh and Regional Chairman and Vice President Zaki Aijaz said that SCO includes several member states, with varying populations and economic significance including China with about 1.4 billion people, India with same at 1.4 billion, Russia with about 145 million, Pakistan standing at 240 million, Kazakhstan at about 19 million, Kyrgyzstan at approximately 6.5 million, Tajikistan standing at nine million and Uzbekistan with nearly 35 million.

FPCCI said that SCO member states are rich in natural resources, have large labour forces and play crucial roles in regional trade, energy supply and geopolitical stability. Aijaz highlighted SCO’s role as key forum for fostering regional integration through increased trade, investment and cultural exchange. “At this crucial moment, as Pakistan positions itself within this multilateral framework, it is imperative that we engage in constructive dialogue to capitalize on opportunities presented by SCO,” he said. He pointed to China-Pakistan Economic Corridor as prime example of economic cooperation within region, noting that Pakistan’s borders with China and India are essential for trade routes, economic collaboration and regional security. Sheikh, FPCCI President stressed importance of regional cooperation in evolving global economic landscape. “Vast potential for trade, energy partnerships and infrastructure development within SCO framework is immense and Pakistan stands to benefit greatly by advancing these avenues,” he said.

He added that Pakistan must pursue proactive policies that align with dynamic needs of region and its own strategic objectives. Lt Gen (retd) Sikander Afzal Chairman of GREF and Hasnain Reza Mirza, founding President of GREF said that this conference aims to develop broad-based multilateral policy framework for member countries’ economic, educational, financial and industrial cooperation and joint working to establish SCO joint chamber of agriculture, commerce, industry and mines, establish local currency SCO investment and trade development bank, independent of dollar/euro or GB pounds for all transactions and to promote trade in local currencies or common currency and barter. Other proposals included the creation of an SCO Energy Council, an SCO Environment Agency and an SCO Education Framework to promote degree equivalence and shared curricula across member countries. These initiatives, they suggested, would help foster long-term, sustainable economic growth and cooperation within region.