Ulaanbaatar: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal announced that Pakistan is set to take over the chairmanship of the Central Asia Regional Economic Cooperation (CAREC) and host its 26th Ministerial Conference in 2027. He outlined ambitious plans to transform CAREC transport routes into economic corridors that integrate logistics, digital connectivity, energy cooperation, and climate resilience.
According to Press Information Department: The announcement came during the 25th CAREC Ministerial Conference in Ulaanbaatar, where Minister Iqbal emphasized the strategic importance of CAREC Corridors 5 and 6. He proposed these corridors as vital links connecting Central Asia with the Arabian Sea, aiming to boost economic activities along these routes. The Minister highlighted the need for upgraded infrastructure, including modern border facilities at Torkham and Chaman, enhanced rail freight capacity through the proposed ML-1 upgrade, and efficient links to dry ports and seaports.
Minister Iqbal advocated for the establishment of logistics and production hubs, suggesting that facilities such as cold storage, packaging, warehousing, and light manufacturing could convert transit traffic into exports and create jobs. He also stressed the importance of building a digital corridor across the CAREC region, leveraging Pakistan Single Window for phased digital integration with regional partners.
Highlighting regional energy cooperation and climate resilience, Minister Iqbal cited initiatives like CASA-1000 as examples of cross-border energy connectivity. He called for the design of new infrastructure to withstand climate challenges such as floods and extreme heat.
In response to inquiries about ensuring shared benefits across the region, Minister Iqbal underscored the importance of coordinated planning, cross-border cooperation, and measuring the impact of connectivity on businesses and communities. He proposed that CAREC nations identify and prepare priority cross-border projects to common standards, with the Asian Development Bank playing a role in mobilizing financing.
Minister Iqbal highlighted the significance of treating borders as shared services with compatible operating hours, coordinated procedures, and fewer repeated checks. He emphasized measuring border delays, delivery times, local employment, SME participation, and opportunities for women and youth.
During the conference, Minister Iqbal witnessed the signing of a Memorandum of Understanding between the CAREC Capital Markets Development Forum and the ASEAN Capital Markets Forum. The MoU aims to enhance cooperation and connectivity between the capital markets of CAREC and ASEAN member countries, fostering knowledge sharing and regional financial integration.