SCO industry ministers’ forum expected to promote regional prosperity

ISLAMABAD: Minister for Industries and Production Khusro Bakhtyar on Friday hoped that the first meeting of industry ministers of Shanghai Cooperation Organization (SCO) would provide a foundation for chalking out a new development model for regional prosperity.

Bakhtyar addressed the first meeting of ministers of industries from SCO member states in virtual format.

The meeting of the ministers of industries from SCO member states is a new mechanism proposed by Tajikistan with an aim to foster deeper cooperation for economic growth.

The minister appreciated the launch of a mechanism for Industrial cooperation in the SCO framework and said that this step would further the development agenda of the organisation.

He reaffirmed the positive role of Pakistan for achieving shared objectives of common interest of member countries.

While addressing, the minister put forward four point agenda for industrial

cooperation among SCO member countries including launching of the study for finding Industrial complementarities and synergies among SCO member states; establishing

an SCO Development Bank and SCO

Development Fund for providing financial base for industrial cooperation, energising SCO business council for business to business interaction avenues and finding collaborative arrangement with newly

proposed mechanism of energy ministers meeting for providing sound raw material base.

Bakhtyar said Pakistan has a vibrant industrial sector with a total number of small and medium enterprises grown up to 5.2 million and employed a labor force of 65.5 million highly skilled labor force in construction, textiles, leather, footwear, surgical equipment, sports goods, automotive and light engineering sectors.

The minister said availability of a skilled labor force in such areas highlighted Pakistan’s competitive advantage and opportunity for attracting foreign direct investment. The Minister also apprised the forum about promulgation of national electric vehicles policy and mobile device manufacturing policy.

The revised version of automotive development policy and the new National SMEs policy would expand our industrial base,” he said. Pakistan is working to improve macro policy and regulatory environment, access to finance, skills and human resource, infrastructure development, entrepreneurship, innovation and incubation, business development services and local and international market opportunities for SMEs, he said.

The minister said the government designed a national financial inclusion strategy to promote digital payments, SME finance and agriculture finance and promote financial inclusion in the country.