ISLAMABAD, Dec 20: Investment and Privatization Minister Dr Abdul Hafeez Shaikh has said that in the present age of information, communication and globalization, free trade has become significantly important for regional cooperation in the world.

"Pakistan in this context is keen to realize potentials of the ECO," he minister said while addressing European Culture Investment and Trade Institute's (E-CITI) "ECO seminar on regional economic integration; corporate sector mobilization, held here.

Dr Hafeez viewed the Economic Cooperation Organization as a progressive, dynamic and realistic organization establishing a regional block between Afghanistan, the Gulf and China.

"We believe a regional cooperation in energy, communication, road, railway, shipping, the restoration of Silk Road, oil and gas pipeline, technology transfer, monetary system, free trade, small and medium sized enterprises, human recourses, copyrights and other areas is vital for the development of member nations of the ECO."

The minister particularly emphasised upon the role of the private sector in ECO activities to promote the ECO integration. Agriculture Board of Pakistan adviser Ummar Massod presided over the seminar. He appreciated the objectives and highlighted the various aspect of ECO regional integration.

Ashique Hamdani, Chief Executive of the E-CITI, briefed audience about objectives of the ECO seminar to promote confidence-building measures (CBMs) among the corporate sector of ECO member countries, identifying interests and concerns of every member state, enhancing regional trade and investment and mobilising the corporate sector to enhance capacity of the regional organization.

He said the ECO was more feasible regional block than Saarc or the European Union for Pakistan and Turkey. Embassies of ECO countries - Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyz, Pakistan, Tajikistan, Turkey, Turkmenistan, Uzbekistan, and Turkish Republic of Northern Cyprus - also displayed their national heritages, publication and promotional material to enhance business and cultural relations with the Pakistani business community.

Rahmatullah Musaghazi, Deputy Chief of the Mission Embassy of Afghanistan, appreciated the promotion of Afghanistan reconstruction programme in the ECO seminar agenda and said that Afghanistan had adopted a new vision of democracy, stability and civil society with the first democratic election. He appreciated ECO nations' interests in Afghanistan reconstruction programme.

Iranian Deputy Head of the Mission in Pakistan Mohsen Roohi-Sefat said the ECC needed a significant concentration of its member countries to compete with other regional trading blocks. Azad Kashmir Prime Minister Sardar Sikandar Hayat in a greeting message suggested the establishment of an ECO-Azad Kashmir investment consortium.