President Mamnoon Hussain addressing the 2nd LCCI-OIC ambassadors and trade conference in Lahore on Saturday. PHOTO: PID
Pakistan President Syed Mamnoon Hussain has said that the members of the Organisation of Islamic Countries (OIC) have great potential for economic cooperation with their immense natural and human resources but, unfortunately, intra-OIC trade does not reflect this potential.
Hussain appreciated the OIC’s initiatives and said the conference was a giant leap towards bringing members together. “The LCCI 2nd OIC Trade and Investment Conference was a giant leap towards bringing the members of Organising of Islamic Countries (OIC) in close proximity,” said Hussain. “Such steps would not only enhance trade and economic cooperation between the Muslim countries but would also pave way for progress and prosperity in the Muslim countries.”
Hussain said that the role of the private sector must be emphasised for trade promotion and economic development. He added that there was a dire need of a centralised electronic data base on trade, investment policies and tariffs and its sharing amongst the OIC countries.
“Pak-China Economic Corridor will usher in a new era of economic development for the whole region as it would not only benefit Pakistan and China but the Middle East, Central Asian Estates and other neighbouring countries as well.”
He said that all efforts are being made to improve energy and security situation in the country that are the biggest impediment to foreign investment. It is not the GDP alone that would get a boost but the foreign investment would also increase considerably in the next few years.
“Presently, Pakistani merchandise is going to 216 countries but 70% of the total trade is with only 20 countries that should be expanded.”
Federal Commerce Minister Khurram Dastgir invited investors of Muslim countries to initiate joint ventures with their Pakistani counterparts and take advantage of investment-friendly policies of the present regime.
Punjab Governor Chaudhry Muhammad Sarwar stressed the need for women to contribute in a country’s economy. “Muslim countries must encourage women to educate themselves and help add value to the economy.”
Published in The Express Tribune, April 13th, 2014.
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i'm shocked to see my President in NEWS. Thank God we recovered him before #MH370