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Need to think 'out of the box' solutions to boost trade, economic coop with India: Pak Fin Min

Press Trust of India  |  Islamabad 

on Tuesday said it will continue to take Corridor-like initiatives as an "out of the box" solution to increase trade and economic cooperation with amid tension between the two neighbours.

Speaking at the 11th Economic Summit (SAES) at the (SDPI) here, Pakistan's Finance said that intra-regional trade was of vital importance to bring the people out of poverty and attain the goals of progress and prosperity.

He asserted that the government will continue to take Corridor-like initiatives in order to promote the message of peace and prosperity.

He said India's reaction about the Pakistan's goodwill gesture to open Corridor was unfortunate.

On November 28, laid the foundation stone of the Kartarpur Corridor.

On November 26, M Venkaiah Naidu and Punjab Chief laid the foundation stone for the Kartarpur Sahib corridor in

"We really need to think out of the for regional cooperation amid tensions and confrontations between the two states," Umar said.

"It is our inability that we failed to get people of the region out of poverty. It is a real opportunity for those political leaders, who believe in a peaceful and prosperous South Asia," he said.

The minister also said that was still pinning hopes to strengthen the SAARC cooperation in the future.

Highlighting the government's role in promoting and inter-regional trade, Umar said channelisation of non-political forums to build political space for policy making is required for an effective cooperation among South Asian states.

Commenting on the recent dollar spike against Pakistani rupees, the minister said that the neutrality of State of (SBP) is intact and "we believe in autonomy of the institution whereas there is no change in the government policy".

He said that the recent decision on the exchange rate was taken by the central bank, however, there is a need to improve the communication mechanism, that's why the SBP has also been taken on board to devise a communication mechanism in this regard.

"If needed, we will further institutionalise the structure and role of the SBP," Umar said, adding that the financing gap is complete and we don't have any current account crisis, though a lot needs to be done."

Meanwhile, Radio Pakistan reported that Umar, in his address at the SDPI, emphatically stated that the government had successfully overcome the economic crisis with the help of friendly countries.

He said spreading rumours about the national economy would not do any service to the country.

The minister said all the fundamental economic indicators were now improving with exports witnessing an upward trend while the imports are decreasing. He said the current account deficit was also being overcome gradually.

He said Pakistan was emerging as a vibrant economy and offering immense opportunities for investment.

The much-awaited corridor will connect Darbar Sahib in Pakistan's Kartarpur - the final resting place of Sikh faith's founder - with in India's district and facilitate visa-free movement of Indian Sikh pilgrims, who will have to just obtain a permit to visit Kartarpur Sahib, which was established in 1522 by

The corridor is expected to be completed within six months.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 20:05 IST