Pakistan seeks to achieve sustainable growth of 6 percent in the next five years through sound macroeconomic policies and optimal utilization of the available physical and human resources and full exploitation of the technological potential of its industry, agriculture and services.
This objective can be better achieved by regional cooperation and regional integration. This can be done through accelerating economic growth, creating job opportunities, expanding trade and improving competitiveness in the region. Pakistan can achieve this goal by integrating the region to its neighbors in the North, South East and West at the earliest. The development of the projects and the initiatives would economically integrate the countries in the neighbors.
The main areas which would be focused while integrating the economies would be transport and communication, which will result in free trade and it will also enable labor mobility for economic activities, i.e. business and tourism. Due to its geographical location Pakistan can be used to integrate trade between China, Central Asia, Middle East and South Asia. This will result emerging economic zones and investments which will allow economic corridors along with the major transport and the communication networks. This will also enhance the best use of physical and human resources of the cross countries, and will give comparative advantage to them.
The energy crisis in the region can also be taken over by establishing an energy corridor of electricity through transportation of oil and gas from the Middle East and Central Asia to China and South Asia which have scarcity of the energy resources. The regional cooperation will also promote trade facilitations to address the impediments.
Pakistan’s leadership envision the country to be a regional hub through its regional integration with Central Asia, China, Afghanistan, India, Iran and Gulf countries to accelerate growth, growth opportunities and usher economic prosperity of the region.
Pakistan’s demographic location is in such a way that it connects Europe, Russian Federation, Middle East, East Asia, and South Asia, and it offers tremendous opportunities for trade linkages and transport with emerging economies of the region.
There is a historical need to access warm water ports for China, Central Asia and Russia, and the coastal regions of Pakistan provides this strategic link to Middle East and onwards. The land locked countries in the region would have immense opportunities and benefits with due regional integration. The land routes through Pakistan would connect South Asia and China in the most effective manner. Located at the crossroads of West Central and South Asia, the Middle East and China Pakistan can become and energy and trade corridor that connects fast emerging economies in the region.
In conclusion the regional cooperation will result to provide world class logistic support and shorten the links to the neighboring countries which would enhance competitiveness of the region and stimulate investment and the growth.