‘Pakistan must seeks more markets to spur growth’

ISLAMABAD: Ahsan Iqbal, the minister for planning, development and reforms, on Thursday stressed the need for developing more markets to create demand for growth especially in the wake of China-Pakistan Economic Corridor (CPEC).

“The CPEC was a step for regional cooperation and connectivity,” Iqbal said after launching a report titled “Wider Economic Benefits of Transport Corridors in South Asia.”

“The project is creating a new supply chain market and shared prosperity across all parts of the country by enhancing market access of all stakeholders.”

The report, jointly launched by World Bank Group, Asian Development Bank, Japan International Cooperation Agency (JICA) and UKAID, aimed at presenting past and recent case studies of corridor initiatives and make an assessment of corridor investment supported by international development organisations.

Addressing the launching ceremony, the minister said the future of Asian countries depended on promotion of trade, commerce, and connectivity through transport corridors.

“South Asia is the least integrated region in world and due to this many regional countries including India, Bangladesh, and Pakistan were ranked among the least developed countries in terms of social indicators.”

He said the other aim of such trade corridors was to reduce distance among different economies, besides increasing connectivity and opening better return opportunities for socio-economic development.

“These corridors play pivotal role in economic integration, trade development and regional connectivity across the globe,” Iqbal said.

The minister said Pakistan was located among three engines of growth, whereas Central Asia had a population over 3 billion and the country had an opportunity to link with them.

“By adopting regional cooperation and connectivity approach, billions of people could harness benefits by investing in health, education and infrastructure development,” Iqbal said. He said the regional cooperation was opening new opportunities for growth and progress. “It was only possible through enhanced cooperation and connectivity among regions as well as with other markets of world,” the minister said.