Latest news with #CentralAsiaRegionalEconomicCooperation
Business Recorder
05-08-2025
- Business
- Business Recorder
CAREC region sans PRC attracts $13.3bn FDI inflow in 2023
ISLAMABAD: Central Asia Regional Economic Cooperation (CAREC) region (excluding the PRC) attracted foreign direct investment (FDI) inflow of $13.3 billion in 2023, and as a share of gross domestic product, Mongolia stood out with FDI of 11 percent, far exceeding countries such as Pakistan (0.5 percent), says Asian Development Bank (ADB). The bank in its report, 'deepening trade and transport facilitation policy analysis of border crossing points expanding the CAREC corridor performance measurement and monitoring framework', stated that CAREC region (excluding the PRC) attracted FDI inflow of $13.3 billion in 2023, accounting for just one percent of global FDI, significantly lower than sub-regions such as Southeast Asia (17 percent) and South Asia (three percent). Kazakhstan received nearly one-fourth of this inflow, reflecting its openness to foreign investment and international integration. However, as a share of gross domestic product, Mongolia stood out with FDI of 11 percent, far exceeding countries such as Pakistan (0.5 percent) and Kazakhstan and Tajikistan (1.2 percent each). ADB-funded CAREC project: NHA rejects irregularity claims The report stated that to bridge economic disparities through regional cooperation, CAREC has mobilised over $51 billion in investments across 276 regional projects since 2001, with a strong focus on developing multimodal transportation networks, enhancing trade, enabling free movement of people and goods, and laying the groundwork for the development of economic corridors. Of these investments, transport has the biggest share, with about 67.4 percent or about $34.3 billion; while trade facilitation and trade policy accounts for 2.7 percent or about $1.4 billion. Copyright Business Recorder, 2025
Express Tribune
02-08-2025
- Business
- Express Tribune
Senate panel gives NHA deadline on N-55 project
Listen to article The Senate Standing Committee on Economic Affairs Division met at the Parliament House on Friday under the chairmanship of Senator Saifullah Abro to address critical concerns over dualisation of N-55 project. It gave the National Highway Authority (NHA) a stringent deadline of two weeks to furnish additional information crucial for finalising proceedings pertaining to the multibillion-rupee project. Senator Abro expressed serious reservations about the potential of awarding the contract for dualisation of Rajanpur-Dera Ismail Khan road under the Central Asia Regional Economic Cooperation (Carec) programme to a company that had previously faced issues related to its performance. He highlighted concerns over the termination of Multan-Lodhran Motorway section contract and the subsequent arbitration rulings, questioning the impartiality of arbitrator Zafar Siddiqui. In response to those allegations, NHA Member Aided Projects Ashfaq Khan defended the credibility of Siddiqui, citing his extensive arbitration experience and clarifying that any payments made were not related to the current project, which was under scrutiny. Committee chairman insisted on conducting a detailed financial audit to verify the legitimacy of bidding process and financial claims made by the local partners. Azeem Ullah, a financial expert associated with the NHA, explained the standard practice regarding joint ventures and reiterated the legality of claims made by partners for the released amount. Despite such clarifications, Abro sought a thorough trail of financial turnovers. Meanwhile, the NHA chairman intervened to underscore the adherence to legal procedures in appointing arbitrators and conducting evaluations, emphasising the transparency of the process. A spokesperson for the lowest-bid joint venture, led by a Chinese firm, called the process 'unjustified'. He complained about consistently targeting their company without merit and creating unwarranted controversy.
Business Recorder
28-05-2025
- 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
