LCCI hosts seminar on new ‘strategic economic policy’

Formation of new trade alliances underlines need for new policy direction, experts say

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) hosted a seminar on Saturday titled “Defining Guidelines for New Strategic Economic Policy of Pakistan vis-à-vis China-Iran-Russia-Turkey” jointly organised by the LCCI and Golden Ring Economic Forum (GREF).

The experts said that being an economically challenged country, Pakistan needs to be part of new economic alliances to reap the benefits of globalisation.



Highlighting Pakistan’s dependence on a small number of countries for trade, they said that globally escalating of trade with new partners has played a powerful role in economic and political integration.

They identified China, Iran, Russia and Turkey as countries with which Pakistan needs to expand trade and economic relations in the current scenario. LCCI President Abdul Basit said it is a good omen that Pakistan has already changed its priorities and is looking for new supportive economic partners.

He said that the emerging Pakistan-Russia-China-Iran alliance can change the region’s fortunes. Basit claimed that Pakistan will have enough electricity by the end of 2020, courtesy CPEC along with an upgraded our road and railway network which will increase trade connectivity.

While analysing Pakistan’s trade and economic relations with the quartet of Russia, Iran, Turkey and China, experts said that Pakistan’s share in total foreign trade of Russia is very insignificant while trade balance is also in the latter’s favour.

“Being neighbouring brotherly countries, Pakistan and Iran should give priority to each other for import of goods rather than buying from distant countries,” several experts contended, highlighting collaboration in SMEs and mega projects like onshore and offshore oil & gas exploration activities as crucial activities.  Amongst high-potential sectors, the experts listed paper and board, sugar, cement, chemicals and transport and communication.

Regarding Pak-Turk Relations, the experts said that Pakistan and Turkey have close cultural, historical and military relations which are now expanding into deepening economic relations, a process they stressed that needs to be expedited.



They said that China should also be focused as export hub for Pakistani merchandise. All the experts concluded with the opinion that public and private sector should join heads to form such powerful economic policies that can help Pakistan secure its share in the regional and international trade.

GREF President Husnain Reza Mirza threw light on the aims and objectives of the GREF. He said that the economic bloc comprising Pakistan, China, Iran, Turkey and Russia, has 20% of the world resources and their collective efforts can make the bloc the focal point of future economic development.

Published in The Express Tribune, September 10^th, 2017.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.