Islamabad:Perceiving global economic crisis of 2008 and recent debt crisis of Eurozone, the economic leaders of South Asia and China vowed for stronger economic coalition for booming Asia by encouraging and promoting “Look East” Policy.
This was decided in the 7th China-South Asia Business Forum commenced in the Kunming, China.
The forum was jointly inaugurated by Commerce Minister Makhdum Amin Fahim and Mr. Wang Jinzhen, Vice Chairman of China Council for the Promotion of International Trade.
Addressing at the occasion, Tariq Sayeed, former President of SAARC Chamber of Commerce and Industry that Asia had its own economic strength which can be gauged from the fact that China, Japan, India, South East Asian and South Asian countries forms 50 per cent of the global economy, handle 60 per cent of the world trade and provide more than 70 per cent of the global population.
“The existence of three economies (China, Japan and India) amongst top 5 of the world provides enough domains for intra-Asia economic cooperation to mitigate the impact of global imbalances and the Western World,” said Mr. Sayeed.
VP SAARC Chamber of Commerce Iftikhar Ali Malik said that instead of entirely depending upon on EU and NAFTA, focus should be diverted to intra-Asia cooperation.
He suggested to encourage and promote greater market access between China and South Asian countries, exchange of FDI, relocation of technology, interchange of labour and capital intensive industry, develop human resource, innovative and high-tech industrialization, harmonization of standards.
Malik also called for creating business enabling environment and to reinforce each other’s economies by taking futuristic measures.
Minister of Industry and Commerce of Sri Lanka Rishard Bathiudeen, Deputy Minister of Commerce and Industries of Afghanistan Topgyal Dorji, President of Bhutan Chamber of Commerce and Industry Kalpana Shrestha, Under-Secretary of Ministry of Commerce and Supplies of Nepal also addressed the inaugural session.