PPI Original Text (PPI-OT) – Economic leaders in South Asia and China vow for strong economic coalition for Greater and Prosperous Asia

Islamabad, June 05, 2012 (PPI-OT): Perceiving global economic crisis of 2008 and recent debt crisis of Eurozone, the economic leaders in South Asia and China have vowed for stronger economic coalition for greater and prosperous Asia by encouraging and promoting “Look East” Policy.

This thought was emerged from the 7th China-South Asia Business Forum (CSABF) commenced in the Kunming city of Yunnan province of the People’s Republic of China on June 5-7, 2012 and jointly inaugurated by Makhdum Amin Fahim, Commerce Minister of Pakistan and Mr. Wang Jinzhen, Vice Chairman of China Council for the Promotion of International (CCPIT, Beijing.

Mr. Tariq Sayeed, former President of SAARC Chamber of Commerce and Industry who headed the South Asdian business delegation in the absence of the incumbent President of SAARC CCI Mr. Vikramjit Singh Sahney addressed the inaugural session and said 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 formed 50% of the Global Economy, handle 60% of the World Trade and provide more than 70% 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. Tariq Sayeed and added 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, creating business enabling environment and to reinforce each other’s economies by taking futuristic measures.

To deepen further the scope of cooperation, CCPIT Sub-Council Yunnan and Chambers of Commerce and Industry in South Asia and Industry and trade Association have decided to elevate form China-South Asia Business Council under a well-structured format.

H. E. Mr. Richard Bathiudeen, Minister of Industry and Commerce of Sri Lanka Hon’ ble Commerce Minister, Government of Sri Lanka, H.E Dr. Sahruddin Sahar, Deputy Minister of Commerce and Industries of Afghanistan, Mr. Topgyal Dorji, President of Bhutan Chamber of Commerce and Industry, Ms. Kalpana Shrestha, Under-Secretary of Ministry of Commerce and Supplies of Nepal also addressed the inaugural session.

For more information, contact:
SAARC Chamber Of Commerce and Industry
Apex Business Organization of SAARC
House No. 397, Street 64, I-8/3, Islamabad- Pakistan
Tel: +9251 486 0611 -3, 831 6023
Fax: +9251 831 6024
Email: info@saarcchamber.org,
Website: www.saarcchamber.org

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