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'ECO's expansion will open new markets for Pakistan'
KARACHI, Dec 5: Pakistan * banking and export sectors stand to gain from the inclusion of seven new members in the regional Economic Cooperation Organisation (ECO), a leading foreign bank chief said Friday, reports AFP.
Younaa Khan, who heads the Pakistani operations of Deutch Bank said the formal induction of the seven new members — Afghanistan Azerbaijan, Kazakhstan. Kyrgyzstan, Tajikistan. Turkmenistan and Uzbekistan — would open new markets for Pakistan.
Khan, who is president of thp Overseas Chambers of Commerce and Industry (OI-CCI). said the new members of ECO, which became independent after the collapse of the Soviet Union, were now undergoing a transition to a market economy.
The founder members of ECO, which came Into being in 1985, are Iran, Turkey and Pakistan.
The new members joined the regional organisation Saturday at the ECO foreign minister's conference in Islamabad.
These nations, will benefit as Pakistani banks will facilitate the development of their banking skills and techniques, he said, adding that Pakistan’s banking sector was well advanced and In a position to play such a role.
Pakistan would also be a conduit for the exports and imports of the landlocked Central Asian states by providing them port and shipping facilities. Khan said.
At the same time Pakistan's ports and transportation system would generates substantial earnings through the increased transit trade.
Khan said he appreciated the top priority accorded by the Pakistan government to building highways and modernising the country's telecommunicatton system.
The government was also going the "right way in implementing market oriented policies and encouraging foreign Investment In the coun-tiy," he said.
He said a delegation of his
chamber would meet Prime Minister Nawaz Sharif shortly to discuss certain "minor Irritants' such as a lack of *con-•latency tn government po licies."
He was referring to the recent withdrawal of tax credits for foreign banks in the country, the with holding of imported Inputs and delay* In the refund of export rebate* for foreign companies.
"We shall discuss such matters With the Prime Minister, who has been very encouraging toward* foreign fnve»tment,' he added