FAISALABAD: Pakistan should fully exploit the regional market by switching over to aggressive economic policies with a focus on India and other regional countries, said Faisalabad Chambers of Commerce and Industry (FCCI) President Engineer Suhail Bin Rashid, while talking to Dr Imtiazul Haq, associate professor at the Lahore University of Management Sciences.
Rashid said the main cause of poverty, illiteracy and unemployment in the region is due to a low percentage of trade between South Asian Association for Regional Cooperation (Saarc) countries – only around 5%, while trade among regional blocks is more than 60% throughout the world.
He expressed satisfaction over the keen interest taken by Saarc countries for the promotion of regional trade and said that Pakistan should take the lead role in promoting it.
“India is a bursting market of a billion customers and we could exploit this potential by increasing our exports to the country,” said Rashid.
“India is producing commodities that are cheaper to import. Buying these items at higher prices from other countries in addition to bearing freight charges can further burden our burgeoning economy.”
Rashid stressed the need for a uniform import-export policy to provide a level playing field to all entrepreneurs in Saarc countries, hoping that governments will take an initiative to streamline regional trade on modern, scientific and equitable lines.
The FCCI president also underlined the need for knowledge-based economy, saying that the body has been endeavouring to strengthen industry-academia linkages. An FCCI delegation recently visited Lums and officials from the university have visited the chambers as well.
Rashid concluded that FCCI intends to sign a Memorandum of Understanding with Lums to share latest studies and research work on the promotion of regional trade.
Dr Imtiazul Haq discussed the geo-economic situation in detail with the FCCI president and added that the Saarc platform should play a major role in providing uniform policies.
Published in The Express Tribune, August 29th, 2014.
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