KARACHI: President FPCCI Irfan Iqbal Sheikh has emphasised that Pakistan should aggressively promote its trade, investment and economic ties with SCO nations noting formidable bloc has a cumulative gross domestic product (GDP) of $ 20 trillion.

Representing Pakistan in board meeting of high-powered business council of SCO held in Tashkent, Uzbekistan, in statement from Federation of Pakistan Chambers of Commerce and Industry here he said this would mean broadening of export markets, becoming part of major supply routes of world, major joint ventures, transfer of technology and foreign direct investment by major retail groups and industrial conglomerates from Shanghai Cooperation Organisation countries.

He noted that Pakistan had many close allies in SCO and these bilateral and multilateral relations should be translated into economic relations through people-to-people, business-to-business and chamber-to-chamber relations and joint trade promotion activities. An economic bloc with a GDP of $ 20 trillion could uplift Pakistan out of all its economic shortcomings provided serious efforts were taken to tap opportunities and potential that SCO offers.

He elaborated that extent of flood-damage is so much that Pakistan would need funds worth of $ 15 billion for rehabilitation of affected populace and reconstruction of infrastructure. He apprised SCO Business Council that Pakistan had implemented land-based logistics convention, i.e. TIR, measures initially for Turkey and Azerbaijan. “By end of this year, we are going to start land-based transportation to Uzbekistan as well,” he added. He highlighted that SCO region offers enormous potential for Pakistani exports in goods and services and export of skilled and semi-skilled workforce. He offered to collaborate on regional trade exhibitions and exchange of trade delegations. Products and services to be exported to SCO countries including value-added textiles, IT, surgical instruments, sports goods, cultural artifacts, rice, fruits and vegetables and precious stones and minerals.

Published in The Daily National Courier, September, 17 2022

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