KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmed on Tuesday urged regional collaboration to tackle today’s economic and financial challenges, saying no country can address them in isolation. He highlighted regional capital market integration as a key driver of sustainable growth and financial stability.
Mr Ahmed delivered the keynote address at the inaugural International Capital Market Conference 2025, hosted by the Securities and Exchange Commission of Pakistan (SECP), which brought together policymakers, regulators, and market participants from across the region. “In an increasingly interconnected world, regional market integration is not an option — it is a necessity,” he said.
The governor said integrated regional markets could provide crucial financing channels for economies with low savings rates and limited bank financing, particularly for climate and infrastructure projects. He stressed the urgent need for cooperation and innovation to mobilise investment, enhance resilience, and foster sustainable growth across Asia.
“When capital is allocated more efficiently, growth becomes more inclusive, resilient, and sustainable,” he added, citing successful examples such as the Eastern Caribbean Securities Market and the ASEAN+3 Asian Bond Markets Initiative. These initiatives, he noted, lower transaction costs, diversify risk, and broaden the investor base.
“ASEAN+3’s bond markets expanded from 88 per cent of GDP in 2002 to 133 per cent in 2025 — demonstrating the power of collective regional action,” he said.
On Pakistan’s role, Mr Ahmed said the country is now better positioned to undertake structural reforms following recent economic stabilisation. Under the SBP’s Vision 2028 and the government’s Uraan Pakistan blueprint, efforts are underway to expand access to finance, promote innovation, and build a resilient, technology-driven financial ecosystem.
Published in Dawn, November 12th, 2025