Pakistan puts forward 4-point agenda for industrial cooperation among SCO states

Web DeskWeb Editor

17th Jul, 2021. 03:38 pm
Pakistan Economy

ISLAMABAD: Pakistan has put forward a four-point agenda for industrial cooperation among the Shanghai Cooperation Organisation (SCO) member countries including the launch of the study to find out industrial complementarities and synergies.

Addressing the first meeting of the ministers of industries from the Shanghai Cooperation Organisation member states virtually, Federal Minister for Industries and Production Khusro Bakhtyar proposed establishment of an SCO Development Bank and SCO Development Fund for providing financial base for industrial cooperation on International Finance Corporation (IFC model), energising the SCO Business Council and finding collaborative arrangement with the newly-proposed mechanism of energy ministers meeting for providing sound raw material base.

The meeting of the SCO ministers of industries is a new mechanism proposed by Tajikistan with an aim to foster deeper cooperation for economic growth.

Bakhtyar appreciated the launch of the mechanism for industrial cooperation in the SCO framework, which, he said, would further strengthen the development agenda of the organisation.

He said the vibrant industrial sector of Pakistan with the total number of Small and Medium Enterprises (SMEs) has grown up to 5.2 million with 65.50 million highly skilled labour force in construction, textiles, leather, footwear, surgical equipment, sports goods, automotive and light engineering sectors.

The availability of skilled labour force in such areas highlighted Pakistan’s competitive advantage and opportunity for attracting foreign direct investment, he added.

The minister also apprised the forum about the promulgation of National Electric Vehicles Policy and Mobile Device Manufacturing Policy. The revised Automotive Development Policy and the new National SMEs Policy would expand the country’s industrial base, he added.

Bakhtyar said that the Pakistan government was working to improve macro policy and regulatory environment, access to finance, skills and human resource, infrastructure development, entrepreneurship, innovation and incubation, business development services and local and international market opportunities for the Small and Medium Enterprises.

The government, he said, had designed the “National Financial Inclusion Strategy (NFIS)” to promote digital payments, SME finance and agriculture finance and promote financial inclusion in the country.

The minister reaffirmed the positive role of Pakistan for achieving shared objectives of common interests of the member countries, and expressed the hope that the first meeting of the industry ministers would provide a solid foundation for chalking out a new development model for regional prosperity.

 

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