AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

raja pervezD-8 400ISLAMABAD: Prime Minister Raja Pervez Ashraf Tuesday called for a roadmap towards closer economic integration amongst the Developing-8 member states and stressed creating of an enabling environment that focuses on strong public-private partnership.

 

Addressing the inaugural session of the seventh D-8 Business Forum here, the Prime Minister said a roadmap was a critical step forward to achieve the collective goal of economic development.

 

He said the current dynamism and diversity in economic relationship amongst the member states reflects a firm commitment to build a broad spectrum of trade and investment activities.

 

The forum, organized jointly by the Board of Investment (BOI) and Federation of Pakistan Chambers of Commerce & Industry (FPCCI) was attended by entrepreneurs, businessmen and industrialists from the participating member states.

 

The Prime Minister while assuring Pakistan's support to strengthening economic relations said the D-8 grouping was one of the most diversified clusters of developing countries and a unique platform to identify new opportunities for mutually beneficial cooperation.

 

He said the strategic positioning of the member states, its diversity and unique institutional framework provide the capacity to develop vast human and natural resources.

 

The expanding network of relationships between the countries of the D-8 has created tremendous opportunities for business to flourish and gain a sure foothold.

 

The Prime Minister said D-8 was a reflection of the solemn pledge made to the people 15 years ago to make their lives better - a life free from the shackles of poverty.

 

"Your presence here is a testimony that we stand by our word. The same resolve will one day lead us to our goal," the Prime Minister said.

 

He said the D-8 Business Forum has the potential to create entrepreneurial synergies leading to increased wealth and prosperity of our people.

 

Prime Minister Ashraf said since its inception, trade volume of the D-8 member countries has increased from USD 433 billion in 1997 to USD 1.725 trillion in 2011. This reflects more than 20 percent annual growth confirming their trade potential.

 

He said the Intra D-8 trade was USD 130 billion in 2011, which was 7.5 percent of the total trade of D-8 trade bloc, however the bilateral trade and investment among D-8 member countries is yet to reach its full potential.

 

The Prime Minister expressed satisfaction that the Preferential Trade Agreement (PTA) has entered into force and termed it "a significant milestone" towards economic integration among the D-8.

 

He said expeditious implementation will help intra D-8 trade target of USD 500 billion by 2018.

 

Prime Minister Ashraf said since the inception of D-8 bloc, member countries have been working together without imposing any adverse impact on bilateral and multilateral commitments of its members.

 

All member countries have undertaken reforms, liberalized markets and integrated better in the world economy, he said and pointed that the GDP growth rate of D-8 countries averages around 6%, with one member state (Turkey) registering 9% growth rate.

 

Stressing the crucial role of the private sector in achieving the objectives of D-8 cooperation, he said sages of all hues have concluded that government was the enabler but the doer was the private entrepreneur.

 

Prime Minister Raja Pervez Ashraf expressed the hope that the forum would help conclude concrete proposals to augment economic ties amongst the member states.

 

"It will also enable us to finalize a workable action plan for future cooperation in the trade and investment."

 

The Prime Minister said Pakistan's strategic and geographic location served as an international corridor providing huge opportunities for investment and trade in profitable sectors.

 

He said the government attaches high priority to private sector investment especially foreign private investment and said it was an integral component for restructuring and revitalization of national economy.

 

He said the unexplored economic potential of Pakistan offers countless developmental, trade and industrialization opportunities for the business community.

 

Foreign investors seeking a competitive manufacturing environment, healthy returns and skilled human resource in a growing market, can tap the vast opportunities available in the country.

 

"Let me take this opportunity to assure you that Pakistan's economy is stable and our economic policies are transparent and predictable," the Prime Minister said.

 

He said expatriate Pakistanis were bringing their capital back home and Pakistan's credit rating in international capital markets has improved in the last few years.

 

Prime Minister Ashraf said business thrives in free societies and Laissez Faire.

 

"We have, therefore, strengthened the roots of democracy in Pakistan and ensured minimal interference of the government in private entrepreneurship."

 

He said implementation of free trade policies in the recent past emphasized the importance of economic integration. He stressed the defining role trade bodies has assumed and said the flow of investment, mobility of labour and capital, patterns of business financing and the strength of business institutions determine the future of a society.

 

The Prime Minster said the trade bodies were playing an important and unconventional role of contributing to the employment generating activities, help the national exchequer, and build up foreign exchange reserves.

 

The Prime Minister congratulated FPCCI, for being entrusted with the chairmanship of D-8 FCCI for the next two years.

 

"It is a recognition of the commitment of FPCCI in general, and of its President, in particular, towards enhancement of mutual cooperation among the D-8 business communities."

 

He expressed confidence that FPCCI will play its leadership role in a proactive manner.

 

He hoped the deliberations in the working sessions would generate tangible outcomes for the socio-economic uplift of people of the member states, in the days to come.

 

Minister of State for Finance Saleem Mandviwala said the forum would provide an opportunity to the participants to develop linkages and share experiences and expertise in their respective areas.

 

He said there was an opportunity to interact in areas of energy, infrastructure development, agro-based industry, textiles.

 

He said Pakistan offers rich potential of growth for foreign investors, joint ventures and wider economic opportunities. He said the forum would formulate recommendations for the D-8 summit.

 

Prime Minister Ashraf later witnessed the exchange of flags and mementos as Nigeria handed over chairmanship of the D-8 Business Forum to Pakistan for next two years.

 

Copyright APP (Associated Press of Pakistan), 2012

Comments

Comments are closed.