ISTANBUL: The prospects of expanding of Economic Cooperation Organization (ECO) to the Central Asian Republics (CARs) for exploring economic and trade benefits in the wider region were appreciated by Prime Minister Muhammad Shehbaz Sharif on Saturday.
Shehbaz Sharif made these statements while speaking to the President of ECO Trade and Development Bank as a ceremony to ink a deal on financial assistance to Pakistan was held.
Economic Cooperation Organization summit with Central Asia states
Prime Minister Shehbaz furthermore suggested hosting ECO members countries’ summit along with the Central Asian republics with a well-thought-out agenda after consensus which would give a push to the economic activities and regional cooperation.
The prime minister suggested that ECO needs to further tap the Central Asian countries’ potential which had a huge population and offer the diverse potential of land network connectivity including that of railways.
He said that developing countries like Pakistan required foreign investment and the Central Asian republics could be connected via Afghanistan. These enhanced connectivity paths would broaden the economic ties among all the regional countries.
He opined that economic priority was on the ECO agenda and that further prospects could provide further opportunities to developing countries like Pakistan.
Gwadar port as hub for transporting gas
The prime minister added that the Gwadar port would serve as a hub for transporting gas to the world.
He opined that railroads and roads connectivity would shape the regional landscape, through a vision of three-way economic cooperation. The countries rich with natural resources could export their goods through these linkages, he added. He also invited the president of the Bank to visit Pakistan.
The EUR 150 million financial assistance from ECO Trade and Development Bank will also be utilized for flood relief, he concluded.
