ISLAMABAD, PAKISTAN:  Finance Minister Ishaq Dar pointed out that the CAREC countries are cooperating in several energy and communication related projects to exploit the true potential of the region.

Addressing a two-day 15th Ministerial Conference of Central Asia Regional Economic Cooperation, the Finance Minister said that Pakistan is also implementing China Pakistan Economic Corridor project to promote connectivity and spur the regional growth. The conference is being organized by the Economic Affairs Division in collaboration with the Asian Development Bank.

More than 200 participants from 10 member countries and multilateral development partners are attending the events. The member countries include Afghanistan, Azerbaijan, the People’s Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan while Georgia will participate as an observer.

He expressed the confidence that the timely completion of these projects will bring improvement in the lives of the peoples of the region. He said Central Asian nations are rich in natural resources and suggested the creation of a complimentary energy market to achieve energy security.

He said that the multi-billion CPEC offers greater opportunities to the Central Asian states, the Middle East and the Africa. Giving a brief outlook of the achievements made by the country over the last three years, the Finance Minister said Pakistan has achieved economic stability as a result of a broad-based reforms agenda. He said all the economic indicators today are positive and the world institutions are also appreciating Pakistan’s strides on the economic front.

He said we have recently successfully completed the IMF reforms agenda program. He said our government took difficult decisions to ensure financial discipline and consolidation but at the same time enhanced allocations for social safety nets.

Regional cooperation could help fight poverty, PM tells CAREC participants

Prime Minister Nawaz Sharif on Wednesday said Pakistan firmly believed that through regional cooperation much better results can be achieved in fight against poverty.

Delivering a key-note address at the 15th meeting of the Central Asia Regional Economic Cooperation (CAREC) in Islamabad, the Prime Minister said Pakistan is committed to promote economic and social development through regional cooperation.

He appreciated the progress so far achieved by CAREC and proposed several measures to boost regional cooperation.

He called for establishment of a Pool of Experts drawn from finance, banking, capital market, energy, transport, and trade and infrastructure sectors.

This pool of experts should be open not only to Government but also to businesses, industry, non-Government organizations, researchers and academia. This will result in intra-regional transfer of knowledge and multi-dimensional benefit for all.

He offered to share Pakistan’s expertise in stock market to other members countries of CAREC.

Current Civil Aviation Authority (CAA) of Pakistan was serving a few members of CAREC on bilateral basis. This should be brought under the regional umbrella to cover all member states under Aviation and Open Skies agreement, added the Prime Minister.

Nawaz Sharif said Pakistan’s focus on energy, economic revival and stabilization has resulted in remarkable and impressive economic growth.

He said our transport and construction related activities will gain further momentum on the back of infrastructure and power sector development programme under CPEC.

CPEC will go beyond bilateral initiatives and lead to uplift and economic development of whole region, the Prime Minister noted.

“Let me share that Pakistan Government’s focus on energy, economic revival and stabilization has resulted in remarkable and impressive economic growth. Our transport and construction related activities will gain further momentum on the back of infrastructure and power sector development program under China Pakistan Economic Corridor.

I believe that CPEC will go beyond from being a bilateral initiative and would lead to uplift and economic development of the whole region. I sincerely hope that benefits of China Pakistan Economic Corridor will multiply the opportunities available to CAREC members countries,” Prime Minister Nawaz Sharif remarked.

The two-day 15th Ministerial Conference of Central Asia Regional Economic Cooperation (CPEC) is being organized by the Economic Affairs Division in collaboration with the Asian Development Bank.

More than 200 participants from 10 member countries and multilateral development partners are attending the event.

The member countries include Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan while Georgia is participating as an observer state.