ISLAMABAD: Pakistan’s Commerce Minister Jam Kamal Khan on Tuesday invited Association of Southeast Asian Nations (ASEAN) member states to invest in Pakistan’s special economic zones under the China-Pakistan Economic Corridor (CPEC), amid Islamabad’s attempts to achieve economic stability.
Founded in 1967, ASEAN represents one of the world’s fastest-growing markets. Pakistan became a sectoral dialogue partner of ASEAN in 1993 and is seeking to upgrade to full dialogue partner status, despite the current moratorium on new partners.
Commerce Minister Khan on Tuesday hosted envoys of Indonesia, Malaysia, Philippines, Thailand, Brunei Darussalam, Vietnam and Myanmar in Islamabad, where he reaffirmed Pakistan’s commitment to expand trade, investment and people-to-people links with Southeast Asia.
He urged Southeast Asian firms to invest in Pakistan’s special economic zones, citing improved macroeconomic stability, single-digit inflation and a conducive business climate, according to the commerce ministry.
“Pakistan welcomes you to export to Pakistan, add value here, and then re-export your products,” Khan told ASEAN envoys, calling for stronger multilateral trade links.
CPEC, part of President Xi Jinping’s ambitious Belt and Road Initiative, is a $65 billion network of roads, railways, pipelines and ports in Pakistan that aims to build land and maritime trade routes linking Asia with Africa and Europe via the Arabian Sea.
Pakistan, currently bolstered by a $7 billion International Monetary Fund (IMF) program, is making rigorous efforts to establish itself as a pivotal trade and transit by leveraging its strategic geographical position.
“Pakistan seeks not only to increase bilateral trade but also to build comprehensive, long-term partnerships in technology, skills, and infrastructure,” Khan told the envoys.
“Through technology transfer, value addition in agriculture, and a skilled human resource base, we can take our trade from the current level to its true potential.”
The ASEAN envoys welcomed Pakistan’s outreach and said the region sees a “great potential” in expanding commercial cooperation, according to the commerce ministry.
“Meeting marked a renewed push by Pakistan to anchor itself more firmly in the ASEAN economic landscape, with both sides agreeing to chart a roadmap for increasing trade, investment, and institutional cooperation in the months ahead,” it said.
