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SCO Summit 2024 to bolster economic growth in Pakistan: LCCI-FPCCI

ISLAMABAD: The business community is hopeful that the Shanghai Cooperation Organisation (SCO) Summit, which begins in the capital on Tuesday, will significantly boost Pakistan’s economy.

“This event presents Pakistan with a valuable opportunity to strengthen trade and economic ties with key international partners, particularly China. It also sends a strong signal to global investors about the country’s openness to business and investment opportunities,” said Lahore Chamber of Commerce & Industry (LCCI) President Mian Abuzar Shad.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh added that the next phase of the China-Pakistan Economic Corridor (CPEC) and the SCO Summit could be transformative for the national economy, emphasizing Pakistan’s strategic location, regional trade advantages, and potential to diversify economic partnerships by looking eastward.

On Monday, a high-level delegation from the China Asia Economic Development Association (CAEDA) visited the FPCCI headquarters to explore opportunities for investment, joint ventures, and trade collaboration.

Led by Qian Qiu Zhu, president of CAEDA’s Cross-Border Trade Development Committee, the delegation expressed interest in establishing a Pakistan Zero-Tariff Trade Zone, creating a service center for Chinese imports, and exploring opportunities in various sectors of the economy.

FPCCI President Sheikh highlighted that CAEDA focuses on promoting economic cooperation and development between China and other Asian countries, often collaborating with governments, businesses, and international organizations to foster partnerships in sectors like finance, technology, energy, and infrastructure.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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