LAHORE: A team of Asia Development Bank (ADB), led by Peter Turner, here Wednesday called on the LCCI President Abdul Basit and discussed a number of issues including National Transportation Policy, Economic development of Pakistan, business climate in the country and China Pakistan Economic Corridor (CPEC).
The LCCI Senior Vice President Amjad Ali Jawa and Zeeshan Khalil also spoke on the occasion. Peter Turner said that effectiveness of transportation system is directly related to the trade and economic activities. He said that inefficiencies in the performance of the transport sector of Pakistan costs economy 4 to 6 percent of the GDP annually.
He said that Asian Development Bank has been assisting Pakistan address this issue but investment in transportation infrastructure must be backed by the institutional improvement. On China Pakistan Economic Corridor, he said that it is important project that would help connect Iran, Turkey, Central Asian States and Afghanistan etc. He said that to get good result from CPEC, good transportation system is a must for the movement of trading goods.
The LCCI President Abdul Basit said that National transport policy will supplement the government’s efforts to improve transport infrastructure that would help enhance local and regional trade. He said that well planned, safe, better maintained, and regionally connected transport infrastructure is the key to unlocking the economic growth potential of Pakistan.
The LCCI President said it is good to see that seaports, rail network, motorways, tunnels and bridges etc. are being developed by spending billions of rupees to support the future requirements of intra-regional trade. He said that the current infrastructural development has opened many avenues to expand the trade links to Central Asian Republics and on the other hand to Turkey via road and sea routes.
