LAHORE: Pakistan Business Forum (PBF) Lahore President Momin Ali Malik has stressed the need for enhancing trade among South Asian Association for Regional Cooperation (SAARC) countries in high-growth sectors, including information technology, manufacturing, energy, tourism and agribusiness.
Talking to the media, he regretted that trade among the South Asian nations was declining every year. There has been rapid economic growth in the region, but, unfortunately, it confronted a range of complex issues and barriers to trade that limited cross-border regional trade.
“Contrary to this, we see increased integration in other regional blocs,” he said, arguing intra-regional trade was over 40 per cent in NAFTA (North American Free Trade Agreement), 68 per cent in EU (European Union), and 27 per cent in ASEAN (Association of South East Asian Nations). Their economic integration is directly linked to their GDP per capita, higher productivity, lower poverty and unemployment, he added.
Mr Malik stressed the need for studying the successes achieved by other regions and adopting their strategies of regional identity and solidarity to ensure speedy economic growth and people’s prosperity in the SAARC region as well. He said according to a notification issued by the Special Investment Facilitation Council (SIFC), Pakistan government would help create job opportunities for unemployed youth in the country.
“According to an estimate, SIFC will provide job opportunities to around 20 million people directly and indirect jobs to around 100 million individuals in the next five years,” he added.
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