STAR BUSINESS REPORT
South Asian countries need to improve regional collaboration in trade and technology transfer to ensure progress in economic development, experts said.
Amid a turbulent global landscape, it is necessary to increase partnerships and regional alliances, they said on Tuesday night while speaking at a discussion on South Asian capital markets at the Sheraton Dhaka.
The event was organised by a Pakistan-based technology company, InfoTech Private Limited, in association with its local coordination partner, Data Edge Limited.
Speaking as the chief guest, Anisuzzaman Chowdhury, special assistant to the chief adviser, said there are many disputes and conflicts worldwide, giving off a feeling of an imminent third world war — though in a different form than the first two.
The current geopolitical and economic environment is “almost identical” to that era of the previous world wars, marked by fragmentation, protectionism, and the spread of regional conflicts, he said.
It is being fought through technology, cyber tools, and economic disruptions rather than traditional battlefields, he said.
In such a situation, regional trade, collaboration, and technology transfer can benefit all South Asian countries, said Chowdhury.
The chief adviser of the interim government initially focused on reviving the South Asian Association for Regional Cooperation (Saarc), he said.
It would be helpful if it could be made effective. The Asia-Pacific Trade Agreement (APTA) can also contribute significantly. For one or two countries’ problems, all the initiatives should not become dysfunctional, he added.
Regional integration in South Asia is not only possible but would be a “win-win” for all participating nations, said Ishrat Hussain, former governor of the State Bank of Pakistan.
The global geopolitical landscape is undergoing a major transformation. Once characterised by openness, liberalisation, and integration, the world is now moving toward fragmentation, protectionism, and isolation, he said.
Nations that once campaigned for free trade and open financial markets are now reversing course, he said.
This reversal has weakened the winds of change that once helped developing countries achieve substantial progress in reducing poverty, increasing their share of global GDP and trade, attracting foreign capital and remittances, and accessing new technologies, said Hussain.
Regarding South Asia, Hussain highlighted the paradox that although the region holds immense potential for cooperation, it remains the least economically integrated region in the world.
Once, South Asia functioned as a single, interconnected economic unit — with shared history, legal frameworks, and administrative systems — that still offers a strong foundation for renewed regional collaboration, provided political will exists, he said.
Endorsing his views, Chowdhury emphasised that the Bangladesh Securities and Exchange Commission (BSEC) should take the initiative to foster bilateral engagements and policy dialogues with Pakistani experts to boost cooperation.
In the opening session, Naseer Ahmad Akhtar, president and CEO of InfoTech, highlighted InfoTech’s three-decade legacy of driving digital transformation across the financial sector.
He reaffirmed InfoTech’s commitment to supporting regional markets through trusted, high-impact technology solutions that enhance transparency and investor confidence.
Ugas Sheikh Mohamed, chairman of the CMA Kenya, discussed the regulator’s evolving role as an enabler of innovation.
He urged regulators across emerging markets to embrace technology and collaborative governance while maintaining market integrity and investor trust.
Naveed Qazi, CEO of the National Clearing Company of Pakistan Limited (NCCPL), shared insights from Pakistan’s transformation into a modern, technology-driven market ecosystem.
He highlighted advancements such as T+1 settlement, professional clearing members, and centralised KYC systems, stressing the importance of regional harmonisation to boost cross-border investment and liquidity.