Karachi, November 21, 2017 (PPI-OT):Zubair Tufail President ECO CCI and FPCCI while chairing the inauguration session of the 23 Executive Committee Meeting of ECO CCI emphasized on the need to strengthen the economic relations in the ECO region through isolation of the root causes of lower intra-regional trade and investment, removal of trade barriers, harmonization in Trade and Investment regulations, and gradual integration of the member state’s economies, development of transport and communication, effective infrastructure linking in the region and outside the world.
He underlined the need of early implementation of ECO Vision 2025 which was approved in the last ECO summit held at Islamabad envisaging to double the trade in the region in 3 to 5 years. While speaking on the intra-regional trade he expressed his concern on its low volume he said that the intra-trade of ECO stands to only US $ 48 billion does not commensurate the harmony and friendly relations the ECO countries enjoy with each other while the total trade of this region with the rest of the world is only US $625 billion which is only 1.9 percent of the total world trade. He further lamented that the inflow of Foreign Direct Investment (FDI) in the ECO region also far from the satisfactory level which is merely US $ 36.5 billion equivalent to 2.1% of the global investment of US$ 1.746 trillion.
The meeting also passed resolutions for improving regional economic development for enhancing cooperation amongst the ECO member states in transportation, trade and investment, industrialization, tourism, Arbitration, Banking facilities and empowerment of women entrepreneurship. The simplification of visa regime also came under discussion and the house emphasized on early implementation of ECO Visa Exemption Stickers to the business community of the region which will pave the way for promotion of trade and tourism. It was also decided to expand the scope of Trade and Investment Committee of ECO CCI by encompassing SME sector.
Minister of Development of Turkey Lutfi ELVAN, and Minister of Custom and Trade of Turkey Bulent Tufenkci, jointly inaugurated the Executive Committee meeting and addressed the gathering emphasizing on the need of exploring new economic avenues and cooperation in trade and investment. While appreciating the role of ECO CCI for the enhancement of intra-trade they said the ECO Region had rich natural resources which needed to be explored by regular interaction amongst the business community of the region.
M. Rifat Hisarciklioglu, President TOBB, Turkey, Gholam Hussein Shafeiee, President ICCIMA, Azarakhus Hafizi, Vice President ECO-CCI from Afghan CCI and the Deputy Secretary General of ECO Secretariat Kanan Nazarov also addressed the meeting and asked for sharing experience amongst the ECO countries.
The other representatives from Turkish Ministries attended the meeting included Aylin Bebekoglu, Ministry of Economy of Turkey, Mehmet Ali Oran – Ministry of Customs and Trade of Turkey, Mustafa Adil Sayar – Ministry of Development of Turkey. The meeting was also attended by a large number of participants from ECO member chambers including Pakistan, Iran, Turkey, Afghanistan, Azerbaijan, Tajikistan and Kyrgyzstan and the diplomats of Pakistan, Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Iran.
Before the Executive Committee, the meetings of Specialized Committees on Arbitration, Transportation, ECOTA, Tourism, Trade and Investment, Business Rating Program and two Workshops on Women Entrepreneurs and Tourism in ECO region were organized by ECO Chamber of Commerce and Industry (ECO-CCI) with the collaboration of the Union of Chambers of Commodity Exchanges of Turkey (TOBB). The women web-portal developed by Pakistan side was also approved in the Women Council meeting which is linked with the ECOCCI website.
For more information, contact:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: +92-21-35873691, 93-94