FPCCI dubs D-8 as the future economic powerhouse

BUSINESS

Islamabad: President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Ghazanfar Bilour on Wednesday said that the Developing Eight Organisation for Economic Cooperation (D-8) is the economic powerhouse of the future.

This group of developing eight countries including Pakistan, Turkey, Bangladesh, Egypt, Iran, Malaysia, Indonesia, and Nigeria was formed in 1997 with an aim to enhance economic cooperation in the global economy and generate new opportunities, he said.

The FPCCI president said that during the last twenty years the trade between the D-8 countries has remained dismally low to four percent which calls for enhanced cooperation between the member states.

Ghazanfar Bilour said this while speaking to a visiting delegation led by Secretary-General of D-8, Ambassador Dato’ Ku Jaafar Ku Shaari.

He said that accelerated realization of D-8’s vision and objectives will help all the member countries gain benefits in the fields of trade, tourism, food security, agriculture, health, energy, and industrial cooperation.

We have vast potential and resources but the progress achieved so far falls short of our expectations due to some political issues which should not be mixed with economic matters, he noted.

The target of trade to the tune of USD 500 billion in 2018, envisaged in the 2008 Kuala Lumpur Summit Roadmap, has remained elusive as impediments have not been removed.

He highlighted how CPEC is going to bring economic prosperity in Pakistan and provide a firm foundation for a rapid economic development.

Ghazanfar Bilour assured that FPCCI will participate in the D-8 forum scheduled on Nov1-3 in Turkey.

Speaking at the occasion, Secretary-General of D-8, Dato’ Ku Jaafar Ku Shaari said that Pakistan is an important member of the grouping and he is visiting the member states and trying to infuse new life in the group.

He said that the private sector can make the best use of emerging opportunities for trade and joint ventures and therefore we all should actively promote entrepreneurship in member countries.

There are challenges but there are also opportunities like never before, he said, adding that we should learn from each other’s experiences, exploit market of 1.1 billion people and must try to solve problems of the Muslim world, he added.

Vice President of FPCCI Karim Aziz Malik, Chairman Coordination FPCCI Malik Sohail, former president FPCCI and D-8 Chamber of Commerce Zubair Ahmed Malik, former VPs FPCCI Sohail Altaf and Sajjad Sarwar, former Chairman PVMA Abdul Waheed and others were also present on the occasion.