ISLAMABAD: Finance Minister Ishaq Dar on Thursday said Pakistan is committed to the objective of regional connectivity as it believes that the future of the region lies in greater connectivity with each other’s markets.

He was addressing the inauguration ceremony of the Central Asia Regional Economic Cooperation (CAREC) Institute in Urumqi, China, also attended by the Asian Development Bank (ADB) president and over 100 other participants from member countries, said a statement received here. Mr Dar said that Pakistan seeks to expand trade and investment links with East, West and Central Asia and expand oil and gas pipelines, infrastructure, electricity grids and transport networks with these regions to create employment opportunities and accelerate growth.

The minister described the institute as a major step in enhancing regional cooperation and achieving the common goals envisioned under the programme. Reiterating Pakistan’s strong commitment to the CAREC programme, he urged the member countries to expedite work on Pakistan’s proposals in the areas of aviation, capital markets and capacity development.

The ceremony also marked the institute’s official transition to an inter-governmental research organisation following the signing and ratification of the agreement by Pakistan, China, Mongolia and Uzbekistan.

Mr Dar also appreciated the efforts of the ADB and the member countries for their institutional support to the programme.

ADB’s President Takehiko Nakao also expressed confidence in its role in the development of the programme.

“I would like to extend my congratulations to the CAREC Institute for its successful transition to an inter-governmental organisation,” said Nakao. “ADB is pleased to continue supporting the Institute in becoming a centre of research, knowledge, and capacity building in the region.”

ADB has provided $10.4 billion to CAREC, with the remaining coming from governments and development partners.

The CAREC Institute was originally developed as a ‘virtual entity’ in 2006 to support regional cooperation in infrastructure development, trade and economic corridors, and agricultural and natural resource management.

Following the decision of the 13th CAREC Ministerial Conference in 2014, the institute’s physical base was established in Urumqi.

Initiated by a technical assistance project in 1996, CAREC today is a partnership of 11 countries and six multilateral development partners. As of the end of 2016, almost $30bn in CAREC-related investments have been made in the four priority areas of transport, energy, trade facilitation, and trade policy.

The members of CAREC are Afghanistan, Azerbaijan, the PRC, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan. The six multilateral institutions are ADB, World Bank, European Bank for Reconstruction and Development, Islamic Development Bank, United Nations Development Programme and International Monetary Fund.

Meanwhile, Mr Dar met Xinjiang Governor Shohrat Zakir in Urmaqi. He highlighted the importance of developing rail linkages between the bordering cities of Pakistan and China.

He said opening a consulate in Xinjiang is Pakistan’s priority because of the ever-increasing number of Pakistani businessmen who are engaged in trade in that province.

Published in Dawn, September 8th, 2017