KARACHI: The “First Capital Market Regulators Forum” concluded on Friday. The forum was closed by the Minister of Economic Affairs Division as the guest of honor. The minister, in his concluding speech, stressed the need for more of such events for closer regional cooperation and considered this forum as a first step towards the gradual integration of capital markets in the CAREC region.

The minister stated: “We are committed to develop the Capital Markets of this region in line with international best practices and the integration of regional markets. I strongly believe that vibrant and efficient capital market is important for resource mobilization and supporting the economic development of this region. When we talk about cooperation, the ideal scenario to formalize it would be to have for example a Memorandum of Understanding between capital market regulators, for this I suggest that the CAREC Secretariat should play its role and through its experience help the member countries to formulate such arrangements.”

This forum underscored the need to evolve strong and meaningful cooperation among capital markets in the CAREC region. Cooperation between capital markets aims at improving regulatory structures and increasing liquidity in capital markets for expanding access to finance and facilitating private sector development.

Integration of capital markets can result in deeper financial systems and a wider range of services and investments becoming possible. Learning from each other and the rest of the world, exchanging ideas, harmonizing regulations, and jointly developing new instruments can be a game changer for markets in the CAREC region. Investors and issuers will become more efficient. Increased innovation will help attract a wider range of market participants, facilitate foreign direct investments and support greater financial inclusion. In addition, cross-listings across the region’s stock exchanges will increase liquidity and lower the cost of capital for investors.

The participants included foreign delegates from all CAREC member countries, namely Afghanistan, Azerbaijan, People’s Republic of China, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan and Uzbekistan.—PR