LAHORE: President Syed Mamnoon Husain has said the Pak-China Economic Corridor will usher in a new era of economic development for the whole region.

The corridor would not only benefit Pakistan and China but also the Middle East, Central Asian and other neighbouring countries as well, said the president after formally inaugurating the second OIC Ambassadors and Trade Conference at a The Mall hotel on Saturday.

Arranged by the Lahore Chamber of Commerce and Industry (LCCI), the conference is aimed at identifying ways and means to promote trade among the Organisation of Islamic Countries (OIC) member states.

President Husain said there was a dire need to have a centralised electronic database on trade, investment policies and tariffs etc., and its sharing among the OIC countries which have great potential for economic cooperation with their immense natural and human resources. Unfortunately, intra-OIC trade did not reflect this potential.

The OIC member states have to increase inter and intra trade. Groups like GCC, D-8, ECO and African Union could be more interactive within themselves and with the rest of the groups for a healthier economic activity.

He said role of the private sector must be emphasised for trade promotion and economic development and it had to be involved by the governments of the OIC Member States in their endeavours to achieve this goal.

All efforts were being made to improve energy and security situation in the country that had been the biggest impediment to foreign investment. “It is not the GDP alone that would get a boost but the foreign investment would also increase considerably in next few years. At present, Pakistani merchandise is going to 216 countries but 70pc of the total trade is with only 20 countries that should be expanded.

He said the SMEs needed to be developed further in the OIC countries while area of value addition should also be focused in particular. Trade of non-conventional items among OIC member states could play a vital role in strengthening the economic ties.

Moreover, he said, technology exchange, technical skills development, capacity building, medical research, educational expertise and religious knowledge could also be proved an effective tool.

Earlier, Federal Commerce Minister Khurram Dastgir in his speech invited the investors of the Muslim countries to initiate joint ventures with their Pakistani counterparts and take full advantage of investment-friendly policies of the present regime taking all possible measures to facilitate the stakeholders.

Punjab Governor Chaudhry Muhammad Sarwar in his address said the Muslim countries comprise approximately one fourth of the world population and possess all sorts of natural resources but depend upon the West for their needs for high-tech machinery and products. “The Muslim countries have remained the producers of primary products,” he said.

Stressing the need of women contribution in economic activities, Chaudhry Sarwar said the Muslim countries must encourage their women to educate themselves and help add value to their respective economies. He said issues of tariff and non-tariff barriers, visa regimes, banking and financial problems, direct air and land linkages, free and direct trade links should also be tackled on a priority.

LCCI President Engineer Sohail Lashari said the issues and conflicts among the Muslim countries should be addressed within themselves.