Pakistan to host 17th China-South Asia Business Forum in 2024, FPCCI says

KARACHI: Pakistan will host the 17th China-South Asia Business Forum in 2024, after being selected for the rotating presidency at the 16th forum held in Kunming, China, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Wednesday.

Irfan Iqbal Sheikh, president of FPCCI, participated in the forum organised by the China Council for Promotion of International Trade (CCPIT) and highlighted the need for trade and regional integration between China and South Asian countries.

Sheikh focused on the role Pakistan plays in the South Asian Association for Regional Cooperation (SAARC) region with its strategic location and abundant resources.

He said Pakistan serves as a natural gateway for trade and connectivity between the global economies, as it is at the crossroads of China, South Asia, Central Asia and Middle East.

The FPCCI chief emphasised the role of the China-Pakistan Economic Corridor (CPEC), a flagship project of China’s Belt and Road Initiative, that has played a major role in enhancing trade opportunities, stimulating investment and developing economic cooperation of Pakistan.

He pointed out that the South Asian countries have historically focused more on trade with Europe and North America rather than within the region as almost 95 percent of South Asian countries’ trade is with regions outside of South Asia.

Speaking at the forum, which was attended by representatives of the Chinese government and officials from Afghanistan, Bangladesh, India, Sri Lanka, Nepal, Maldives, Bhutan and Chinese media, he put forward several proposals to increase regional connectivity within the region.

Sheikh said the most important aspect is to strengthen connectivity and infrastructure development between China and South Asia. He said it is the need of the hour to invest in transportation networks, logistics and digital connectivity as intra-regional trade is the solution to regional development.

He also said the governments must adopt trade facilitation measures to simplify trade procedures and reduce business barriers.

The FPCCI chief said the success of China-South Asia connectivity lies in embracing innovation and technology-driven industries and suggested collaboration in research and development, promoting entrepreneurship and providing support for startups as initial steps.

Sheikh assured all present that FPCCI, as the apex body of trade and industry in Pakistan, will ensure all support in enhancing regional development and intra-regional trade.

He concluded by emphasising that this economic growth should benefit all segments of society, including marginalized communities, resulting in inclusive and sustainable development.