The Economic Impact of SCO 2024 Summit On Pakistan

Economic Impact of the SCO
2024 Summit on Pakistan

Sufyan Khalid(053)
Seerat Ahmed(049)
Shenawar Ahmed(050)
Muhammad Ahmad Kaleem(032)
Overview:
• Introduction to SCO
• Objectives of the 2024 Summit
• Positive impacts of 2024's conference for Pakistan
• Economic Context of Pakistan
• Opportunities from the Summit
• Trade Relations with SCO Members
• Regional Connectivity Initiatives
• Expected Economic Outcomes
• Conclusion
Introduction to SCO:
What is the SCO?
• The Shanghai Cooperation Organization (SCO) is a group formed for cooperation
on security, politics, and economics.
• Founded in 2001, it now includes eight member countries: China, India, Russia,
Pakistan, and others.
• The SCO focuses on combating terrorism, ensuring stability, and boosting
economic ties among member states.
Objectives of the SCO Summit 2024
Main Goals:
• Economic Cooperation: Increase trade and investment between
member countries to foster growth.
• Security Collaboration: Work together to tackle threats like terrorism
and organized crime.
• Cultural Exchange: Promote understanding and cultural ties among
member nations, strengthening bonds.
Positive impacts of 2024's conference for Pakistan:
• Pakistan can adopt technology transfer, joint ventures, and energy imports from
Central Asian states to address its energy shortages and modernize industries. By
encouraging investment-infrastructure development, Pakistan can strengthen its
geopolitical position, and ensure long-term economic growth.
• The financial integration of Pakistan with SCO countries is on a medium level and
pinpoints several important aspects. Pakistan’s participation in the SCO Interbank
Consortium supports investment and financial services for trade, with HBL Pakistan
as a key member of the consortium.
• Investments, particularly under China’s roughly US$55 billion plan in 2017 for
infrastructure and energy in Pakistan, were expected to boost economic growth and
enhance trade relationships, contributing to regional stability.
• Presently, two SCO countries are investing in Pakistan. China is leading through
CPEC projects in energy and infrastructure investment, and Pakistan is the third
biggest recipient of Chinese development finance worldwide with a portfolio of
$70.3 billion.
• The SCO will definitely encourage employment opportunities, and services

diversification while promoting technology transfer and innovation. and also India's
• Russia is also investing in Pakistan’s energy sector, including a nearly $2.5 billion
natural gas pipeline and a roughly $14 billion package for oil, gas, and power
projects. These investments are vital for Pakistan’s infrastructure and
energy development.
Economic Context of Pakistan

Current Economic Situation:
Pakistan’s GDP growth rate has been around.
Major sectors include:
• Agriculture: Essential for food security and employment.
• Textiles: A key export sector contributing to foreign exchange.
• IT and Services: Growing rapidly and attracting attention.
Challenges:
• High inflation and a rising trade deficit.
• Energy shortages affecting industries and daily life.
Importance of Regional Trade:
Strengthening trade with neighboring countries can help stabilize the economy.
Opportunities from the Summit
• Increased Trade:
The summit can lead to trade agreements that make it easier and cheaper to
trade with other SCO countries.
• Investment Opportunities:
Attracting investment from member countries can help fund infrastructure
projects, like roads and energy facilities. Increased trade and investment
opportunities with member countries can boost Pakistan’s economy.
Collaborations in sectors like energy, agriculture, and technology can enhance
economic growth.
• Infrastructure Development:
Joint projects can improve transportation and energy supply, crucial for economic
growth.
• Regional Stability:
The conference could foster dialogue and cooperation on security issues,
contributing to regional stability. This can help Pakistan address challenges related to
terrorism and cross-border conflicts.
• Cultural Exchange:
The event can promote cultural ties and understanding among member states,
enhancing people-to-people connections and fostering a sense of community..
• Diplomatic Engagement:
The conference provides a platform for Pakistan to strengthen diplomatic
Regional Connectivity Initiatives
• CPEC (China-Pakistan Economic Corridor):
A major project aimed at connecting Gwadar Port to China’s western region,
enhancing trade routes.
• Other Connectivity Projects:
Railways and road projects that connect Pakistan with Central Asian countries.
• Importance:
Improved infrastructure can lower transportation costs and make trade faster and
more efficient.
Expected Economic Outcomes
Short-term Benefits:
• Immediate increase in trade and investment after the summit, creating jobs
and boosting industries.
Long-term Benefits:
• Sustainable growth through deeper economic ties, regional stability, and
infrastructure development.
• Improved quality of life for citizens as the economy strengthens.
Conclusion
• The SCO 2024 summit presents
significant economic opportunities for
Pakistan.
• By engaging strategically with
member countries, Pakistan can
enhance trade, attract investment,
and promote regional stability
• Engaging actively in the SCO can
position Pakistan as a leader in
regional cooperation, enhancing its
influence in South Asia and
contributing to the stability and
prosperity of the region.

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Economic Impact of the SCO

2024 Summit on Pakistan

• The SCO will definitely encourage employment opportunities, and services

Economic Context of Pakistan

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