FP Staff Report

KARACHI: "Phenomenon of Global Economic Shift to Asia is the outcome of the FDI inflow in Asia particularly China and APEC countries, which has been instrumental in augmenting productivity and innovation, making Asia the next center of gravity for international business. FDI was imperative for South Asia to ensure greater economic cooperation and creating regional synergies."
This was stated by Tariq Sayeed, President SAARC Chamber of Commerce & Industry (SCCI), in his discussion note at session on "Global Economic Shift to Asia: regional synergies" at International Business Conference, organized by Dhaka Chamber of Commerce & Industry from October 31- November 1, 2008.
The session was chaired and addressed by Jairam Ramesh, State Minister of Commerce, India followed by Prof G. L. Peiris, Minister for export Development and International trade, Sri Lanka, Professor Rehman Sobhan, Chairman Central policy Department- a civil society think tank in Bangladesh and Dash Sonam Shoring, Secretary, economic Affairs, Bhutan and was moderated by Dr. Hossain Zillur Rehman, Advisor for Commerce, Government of Bangladesh.
The speakers of the session highlighted the role of Asia in Global economy and identified Human Resource Development, institutional capacity building, enhanced productivity and greater regional cooperation as most important elements to transform Asia as an engine of Global economic growth.
Citing the incredible economic growth of China, President SCCI said that FDI was key element behind the rapid and sustainable economic growth of China and its emergence as an economic might on the Global economic horizon. He also emphasized the need for public-private dialogue on economic issues reiterating the need for augmenting role of Private Sector in the negotiation process and prior consultation on policy formulation. He was of the opinion that being the important stakeholder, Private sector should be consulted effectively be the respective Government so that an effective regional strategy is adopted to cope with the regional challenges.
He said that the present leadership in Pakistan has the desire to promote regional cooperation and its recent trade policy towards India will pave the way for greater bilateral cooperation, which will positively affect the entire region of South Asia. He urged upon the leaders of the South Asia to ensure peace in the region and formulate a combined strategy to cope with the issue of terrorism in all its manifestation, which was the biggest hurdle in the economic development of the region.
Pakistan delegation led by Tariq Sayeed included Sultan Ahmed Chawla, Life member SCCI, Ashfaq Ahmed, Chairman, Pakistan-Bangladesh Joint Council of FPCCI, Saquib Fayyaz Maggoon, CE, Dhaka Trading and Mr. Iqbal Tabish Secretary General SCCI.