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Business Recorder
4 days ago
- Business
- Business Recorder
East-West Economic Corridor: Formal launch of landmark research report
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal has emphasised the critical need for greater regional connectivity and economic cooperation between South and Central Asia. He was addressing a high-level gathering of diplomats, experts, and development partners at the formal launch of a landmark research report examining the feasibility of an East-West Economic Corridor connecting South Asia and Central Asia on Tuesday. The event was graced by the Ambassador of Kazakhstan, Yerzhan Kistafin, along with other distinguished dignitaries, and marked a pivotal moment in shaping the vision for greater economic collaboration in the region. The report, jointly developed by RAND Corporation with the support of the Junaid Family Foundation and the RAND Center for Asia Pacific Policy Advisory Board, offers key insights into the prospects of a trans-regional economic corridor at a time when the global economic order is undergoing major realignment. Minister Iqbal stated that South and Central Asia have historically shared civilisational, cultural, and commercial ties. He highlighted that even as political borders have hardened, the logic of economic geography persists. He stressed the urgent need for regional integration, particularly for landlocked Central Asian countries seeking access to global markets—a goal Pakistan is well-positioned to support through its ports in Gwadar and Karachi. Underscoring Pakistan's strategic location at the crossroads of South Asia, China, and Central Asia, the minister said, 'Our country lies at the heart of a 3-billion population region, offering tremendous opportunity for trade and commerce.' He emphasised that regional connectivity is not just a slogan but a strategic imperative under Pakistan's national development vision. Referencing the government's 5Es Framework, with a strong focus on Energy and Infrastructure, he explained that Pakistan is promoting multimodal regional connectivity and is making sustained investments in rail, road, and port infrastructure. 'We are actively working to operationalize CPEC 2.0 and Central Asia Regional Economic Cooperation (CAREC) corridors, aimed westward through Pakistan to Central Asia,' he added. Minister Iqbal outlined Pakistan's tangible steps, including: Upgrading Gwadar Port; Expanding the ML-1 railway; Digitising customs and border crossings; Developing Special Economic Zones (SEZs), and Expanding power transmission capacity. He reaffirmed that these projects are backed by substantial allocations under the Public Sector Development Programme (PSDP), with the largest share of funding dedicated to infrastructure, logistics, and energy. 'Our commitment is visible through ongoing projects that aim to make connectivity both feasible and functional,' he stated. The planning minister emphasised that connectivity cannot thrive in an environment of coercion, occupation, and hegemonic ambition, and stressed that regional peace is the first prerequisite for regional trade. 'The idea of an East-West Economic Corridor connecting Central Asia, Afghanistan, Iran, Pakistan, and India is not new, but it must evolve from aspiration to actionable policy backed by political will and mutual trust,' he said. Concluding his address, Minister Iqbal reiterated Pakistan's firm commitment to a foreign policy anchored in geo-economics, saying: 'Pakistan stands for peaceful coexistence, regional integration, and mutually beneficial cooperation. Our national development model, Uraan Pakistan, places connectivity, trade, and sustainable growth at the heart of our strategy.' He acknowledged the immense potential of regional corridors, especially a land-based East-West corridor, to unlock economic prosperity and access to global markets for all partner countries. Copyright Business Recorder, 2025
Express Tribune
12-02-2025
- Business
- Express Tribune
Shehbaz pushes green agenda at Dubai WGS
DUBAI: Prime Minister Shehbaz Sharif on Tuesday called on governments worldwide to enhance climate financing, technology sharing, and multilateral support for emerging economies like Pakistan to achieve sustainable economic growth. Speaking at the World Governments Summit (WGS), he emphasized that transitioning to a green economy was a shared global responsibility. He reaffirmed Pakistan's commitment to mobilizing domestic resources and implementing policy reforms to support this shift. The prime minister invited private investors to explore Pakistan's untapped potential in green energy and infrastructure, stressing that international partnerships and financial backing were crucial to achieving these goals. "Pakistan's energy transition alone requires a $100 billion investment," Shehbaz stated, addressing global leaders at the summit. Despite significant challenges, he noted that stabilizing the economy had been a key achievement of his government over the past year. He also highlighted positive economic indicators and the government's 5Es FrameworkExports, e-Pakistan, Environment, Energy & Infrastructure, and Equity & Empowermentas well as the 'Uraan Pakistan' initiative. "At the core of this agenda is energy security and sustainability, not just as an economic necessity but as a national priority," he said. Pakistan aims to produce 60% of its energy from clean sources by 2030 and transition 30% of all vehicles to electric mobility. He informed the audience that the government was rapidly scaling up solar, wind and nuclear energy generation. "Pakistan's southern region holds 50,000 MW of untapped wind energy potential while the northern hydro projects can add 30,000MW of clean energy capacity," he said. He said that Pakistan with 70% of its population comprising dynamic and tech-savvy youth under age 30, offered one of the most dynamic investment landscapes in Asia. "Pakistan's strategic location bridges south and central Asia and its emerging middle class represents promising economic opportunities." Prime Minister Shehbaz told the summit that the government was simplifying business regulations, enhancing legal protection and streamlining approval mechanism to make Pakistan a leading destination for global capitals. To drive investment in key sectors of the economy, the prime minister said, the Special Investment Facilitation Council (SIFC) was established, focusing on renewable energy and resilient infrastructure, technology and digital economy, minerals and industrial development, agriculture and food security. "Pakistan is embracing eco-friendly agriculture innovation under the umbrella of adaptation policy of 2023 to enhance productivity and ensure food security and strengthen our rural economy," he said. The government was also incentivising agri-innovation by deploying solar-powered systems, he added. "Pakistan stands at the threshold of new era that prioritised infrastructure advancements, economic diversification and human development. The future is not something we passively inherited; rather it is something we actively shaped," he said. He appreciated the leadership of the United Arab Emirates (UAE) for hosting the summit in Dubai. "Dubai is a city where the future meets with the present. Let this summit, herald a dawn of the global peace, sustainable and prosperous future for all," he said. Talking about the situation in Palestine, the prime minister said that Pakistan believed that durable and just peace was only possible through a two-state solution in accordance with the relevant UN resolutions for the creation of independent state of Palestine. Later, Shehbaz visited 'the Edge of Government' exhibition which highlighted global examples of improved governance and initiatives. On the occasion, The prime minister met with the experts, providing modern solutions to the challenges in various sectors. On the sidelines of the WGS, the Prime Minister met several world leaders, including UAE President and Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan, UAE Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Kuwaiti Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, President of Sri Lanka Anura Kumara Dissanayake and others. During the meeting with the Dubai ruler, Shehbaz thanked Sheikh Al Maktoum for the invitation to the WGS. He invited Emirati businesses to explore investment opportunities in Pakistan. Sheikh Mohammed reiterated Dubai's commitment to strengthening economic and cultural ties with Pakistan. The prime minister thanked the UAE leadership for their steadfast support and exceptional care extended to the Pakistan community in the UAE. Sheikh Al Maktoum highly appreciated the contributions made by the Pakistan diaspora and their dedication towards UAE's development. Also, Shehbaz held talks with UAE President Al Nahyan on matters of bilateral interest, including trade and economic cooperation and the recent developments in the Middle East. They emphasised the need for intensified international efforts for a comprehensive and lasting peace in Palestine. The meeting, held at Qasr Al Shati in Abu Dhabi, was attended by Chief of Army Staff General Syed Asim Munir. The meeting provided an opportunity to address the significance of the WGS in identifying global trends in governance and presenting actionable strategies to enhance government preparedness in navigating global transformations. The prime minister also held discussions on bilateral matters with DP World Group Chairman Sultan Ahmed bin Sulayem. He commended the recent successful visit of the DP World delegation to Pakistan, which fostered meaningful investment collaboration between the two sides. Sultan Ahmed bin Sulayem expressed gratitude for Pakistan's ongoing support and reaffirmed the DP World's commitment to timely project completions and exploring new avenues for cooperation. He announced plans for an exhibition hall in the UAE to promote Pakistani products. DUBAI, Feb 11 (APP): Prime Minister Muhammad Shehbaz Sharif on Tuesday held a bilateral meeting with Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Prime Minster of the State of Kuwait on the sidelines of the World Governments Summit (WGS) 2025. Shehbaz and Al-Sabah, during a separate meeting in Dubai, reiterated their commitment to transforming the existing relations into mutually beneficial strong economic partnership. They emphasised the need for full implementation of the ceasefire in Gaza. Prime Minister Shehbaz Sharif and President of Sri Lanka Dissanayake discussed regional and multilateral matters, including re-invigorating the South Asian Association for Regional Countries (Saarc). They agreed to increasing high-level exchanges for enhanced cooperation. Later in the day, Shehbaz returned to the country after completing his two-day visit to the UAE. He was accompanied by, federal ministers Ishaq Dar, Khawaja Asif, Awais Leghari, Muhammad Aurangzeb and Attaullah Tarar and Special Assistant Tariq Fatemi.
