PCJCCI stresses need for govt leadership in developing ‘digital silk road’

LAHORE: The Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) has urged the government to take the lead in developing a ‘digital silk road’ to maximise the benefits of the economic corridor being constructed by China in the Asia-Pacific region.

During a think tank session held at the PCJCCI Secretariat, PCJCCI President Nazir Hussain discussed the importance of fostering mental harmony among nations, adding that while roads and railways are relatively easy to build, cultivating understanding and collaboration is essential for regional connectivity.

“Information has become a core resource and is crucial for international cooperation. The next leap for regional connectivity is to create an Asia-Pacific information superhighway,” Hussain said. He noted that while infrastructure development under China’s Belt and Road Initiative (BRI) is progressing steadily, breaking the barriers of information between nations is equally critical for realising the initiative’s full potential.

Hussain described the BRI as a strategy to create a global economic network centred on China, one that emphasises mutual benefits rather than political domination. “It is a path that nations are willing to walk because of the mutual advantages it offers,” he added. He expressed confidence in the current Pakistani government’s ability to take successful initiatives in this regard and assured the PCJCCI’s full cooperation, along with support from Chinese companies operating in Pakistan.

Senior Vice President of the PCJCCI Mansoor Saeed Sheikh highlighted the importance of people-to-people connections for implementing strategic initiatives. “We should carry forward the spirit of friendly cooperation along the Silk Road by promoting cultural and academic exchanges, media collaborations and youth programmes to build public support for deepening bilateral and multilateral harmony,” he said.

Sheikh also called for expanding the scope of bilateral currency swaps and financial settlements with BRI member countries, as well as developing regional bond markets. He emphasised the need for collaborative efforts to establish joint financial institutions such as the Asian Infrastructure Investment Bank (AIIB) and the BRICS New Development Bank. These initiatives, he added, would pave the way for multilateral financial cooperation through mechanisms like syndicated loans and bank credits, facilitated by platforms such as the China-ASEAN Interbank Association and the SCO Interbank Association.

Vice President of the PCJCCI Zafar Iqbal proposed the development of a concrete agenda to initiate effective communication among the nations connected by the Pak-China Economic Corridor and the Silk Road. This agenda, he suggested, should include initiatives like friendly exchanges between legislative bodies and political parties to strengthen ties.

The PCJCCI reiterated its commitment to supporting Pakistan’s leadership role in regional connectivity and collaboration, urging swift action to implement these visionary proposals.