Ayesha Saba

Pakistan’s focus on digital modernization and regional integration positions it for long-term growth. By sustaining reforms and leveraging Central Asia Regional Economic Cooperation (CAREC) partnerships, the country could become a key trade and investment hub linking Central Asia to the global markets.

Talking to WealthPK on the condition of anonymity, an official from the Board of Investment (BOI) said Pakistan’s pursuit of economic stability and digital modernization is emerging as a strategic lever to enhance its position in the regional trade, particularly within the framework of the CAREC program.

He added that the recent policy actions have focused on addressing structural inefficiencies and leveraging digital technologies to align Pakistan with the evolving global and regional trade practices. He argued that these initiatives, if sustained, could significantly strengthen Pakistan’s role as a vital link between Central Asia, South Asia, and beyond.

The BOI has been championing initiatives like the Pakistan Regulatory Modernization Initiative (PRMI), which seeks to digitize and streamline approval processes, minimize paperwork, and remove red tape. These changes, he argued, are vital to reducing the cost of doing business — a long-standing barrier to Pakistan’s investment climate for years.

Digitized trade documentation and the Pakistan Single Window project are also reducing delays at border crossings, boosting cross-border trade efficiency. Recently, at the CAREC Institute Annual Conference in Islamabad, Federal Minister for Investment Qaiser Ahmed Sheikh, in a panel discussion, underscored the need for simplified, digitized systems to enhance Pakistan’s business climate.

He noted that the BOI is streamlining procedures to boost regulatory transparency. Highlighting the improvement in macroeconomic indicators, he expressed confidence in Pakistan’s economic stability and growing foreign interest, reaffirming the country’s commitment to strengthening road, rail, and air connectivity to promote regional trade and private investment.

Talking to WealthPK, Shahid Hussain, Policy Advisor at the Lahore Chamber of Commerce and Industries (LCCI), notes that this economic recovery creates a conducive environment for investment, especially when coupled with institutional reforms.

“A stable economy builds confidence among regional partners, and Pakistan’s engagement with CAREC can only be credible if its fundamentals remain on track,” he explained. Connectivity remains central to Pakistan’s trade expansion goals. Through its strategic location, Pakistan can act as a conduit for Central Asian states seeking access to seaports and international markets.

“The projects developed under the China-Pakistan Economic Corridor (CPEC) have significantly upgraded Pakistan’s transport infrastructure, but integration isn’t just about roads; it’s about regulatory cooperation, harmonized customs procedures, and consistent energy policies,” he cautioned.

He further suggested that Pakistan should focus on diversifying its export basket beyond traditional textiles to include technology-driven services, agricultural value-added products, and manufactured goods that align with the Central Asian demand.

Credit: INP-WealthPk