RECORDER REPORT

LAHORE: “Geopolitical changes and formation of new trade and economic alliances around the globe demand new strategic economic foreign policy of Pakistan.”

This was upshot of the speeches delivered at a seminar on “Defining Guidelines for New Strategic Economic Policy of Pakistan vis-à-vis China-Iran-Russia-Turkey” jointly organized by the Lahore Chamber of Commerce & industry (LCCI) and Golden Ring Economic Forum (GREF) at Lahore Chamber on Saturday.

LCCI President Abdul Basit, Senior Vice President Amjad Ali Jawa, Vice President Muhammad Nasir Hameed Khan, former LCCI senior vice president Almas Hyder, President GREF Husnain Reza Mirza, former Finance minister Dr Salman Shah, former secretary, Ministry of Foreign Affairs Shamshad Ahmad, Senior Vice President GREF, Lt Gen Sikander Afzal were prominent amongst the other experts from different economic sectors.

The speakers in their speeches said that being an economically challenged country, Pakistan needs to be part of new economic alliances to reap the benefits of globalization.

“Over the last two decades, globally escalation of trade with new partners has played a powerful role in economic and political integration while our dependence on a few countries for trade has posed manifold challenges for economy,” they said.

They maintained that axis of Pakistan’s new strategic economic foreign policies should be expansion of trade and economic ties with China-Iran-Russia-Turkey.

LCCI President Abdul Basit said it is a good omen that Pakistan has already changed its priority and looking for new supportive economic partners.

He said that emerging alliance of Pakistan-Russia-China-Iran can change the fortune of this region where half of world’s population lives.

Basit further said, “Pakistan would have enough electricity by the end of 2020 and our road and railway network will also be upgraded that will help country to become part of any trade block.” While analyzing Pakistan’s trade and economic relations with Russia, Iran, Turkey and China, he said that Pakistan’s share in total foreign trade of Russia is very nominal while trade balance is also in favour of Russia. Though bilateral trade between the two countries is increasing gradually but it is not satisfactory and there was a lot of scope to enhance mutual trade volume, he asserted.

Russia helped Pakistan establishing a mega steel mill at Karachi, which has played a crucial role in the development of the country. Such more initiatives by Russia would be crucial for Pakistan’s economy, he added.

President of Golden Ring Economic Forum, Husnain Raza Mirza threw light on the aims and objectives of the GREF and said that economic bloc comprising Pakistan, China, Iran, Turkey and Russia, has 20 percent of the world resources and their collective efforts can make this bloc the focal point of future economic development.

Other speakers said that Pakistan and Iran should give priority to each other for import of goods rather than buying from distant countries. Collaboration in SMEs and mega projects like onshore and offshore oil and gas exploration activities, hydel and coal based energy projects, paper & board, sugar, cement, chemicals, transport & communication, construction of roads in Pakistan, scientific & educational cooperation, handicrafts, artificial jewellery, carpets, fancy furniture etc. Regarding Pak-Turkey relations, he said that Pakistan and Turkey are enjoying close cultural, historical and military relations which are now expanding into deepening economic ties. Both countries are also planning to strengthen their ties into a strategic partnership, he added.

He said that China is already contributing to the Pakistani economy and public and private sectors should join heads to form such powerful economic policies that can help Pakistan secure its share in the regional and international trade.