The Central Asia Regional Economic Cooperation Program (CAREC) held a Business Development Forum in Urumqi of Xinjiang Uygur Autonomous Region between July 29-30 to explore new opportunities of regional economic cooperation by building a communication platform between the industrial and commercial circles and the governments.
Established by the Asian Development Bank (ADB) in 1996, CAREC is a partnership of eight countries - Afghanistan, Azerbaijan, the People's Republic of China, Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, and Uzbekistan- and six multilateral institutions - the ADB, European Bank for Reconstruction and Development, International Monetary Fund, Islamic Development Bank, United Nations Development Programme, and the World Bank.
The forum, co-hosted by the Chinese Ministry of Commerce, Ministry of Finance, ACFIC, the Xinjiang autonomous region government, and ADB, attrated more than 400 people, including Central Asian government officials, representatives from the industrial and commercial circles and multilateral institutions. ACFIC invited 103 private entrepreneurs to the event.
Focusing on tightening government-enterprises relations, participants zeroed in on four priority cooperation arenas, namely agriculture, transportation, trade facilitation and energy.
In an interview with the China Business Times following the forum, ACFIC Vice Chairman Zhuang Congsheng said the forum is intended to "promote the participation of private enterprises in regional cooperation projects, encourage direct foreign investment in priority infrastructure projects and promote the cooperation between the private and public sectors of member states."
"Within the framework of cooperation between the governments of CAREC member states, the private enterprises of those countries that participate in CAREC's mutually beneficial cooperation projects can get comprehensive support and services," Zhuang said.
The Central Asian countries have strong economic complementarities and great economic growth potentials, thanks to their rich resources, broad markets and industrial and agricultural grounds. While regional economic cooperation is further expanded following the global financial crisis, the member states have come to realize that enterprises are the main body of the economy and that without a good cooperative machanism among the enterprises the CAREC will lose its vitality.
In his addresst to the forum, Zhuang said ACFIC will establish partnerships with its counterparts in Central Asian states to promote none-governmental economic cooperation and exchange, foster a positve environment for regional cooperation, spur trade and investment liberation, facilitation, protect investors' legitimate rights and promote the growth of private enterprises.
On the other hand, ACFIC will guide the Chinese enterprises to respect local laws, customs, traditions and cultures during their trade and investment activities in Central Asia, seek harmonious development and brotherly relations with the local people, protect biological environment, and undertake their social responsibility, for sustained regional economic development and social progress.