From 18-19 November, the Central Asia Regional Economic Cooperation (CAREC) is organizing a multinational business event to provide a platform for business and government leaders for regional collaboration.
Known as the CAREC Business Forum, the event will be held in Technopark in Bishkek, the capital of Kyrgyzstan. The initiative represents an opportunity to foster enhanced economic cooperation among the CAREC member states by fostering regional collaborations among governments, entrepreneurs, investors, financial institutions, and development partners.
The initiative looks forward to enhancing the connectivity among CAREC states by transforming CAREC transport corridors into economic corridors.
Establishment of CAREC
The Central Asian Regional Economic Cooperation Program was established in 1997 with the facilitation of the Asian Development Bank (ADB) to enhance cooperation and connectivity among countries in Central and South Asia.
The dearth of regional trade and connectivity between Pakistan and the landlocked Central Asia prompted the governments to rectify the lack of infrastructure, such as roads, railways, and ports, that contributed to low trade.
Therefore, CAREC had sought to develop infrastructure projects that have the potential to pave the road for regional integration.
Read More: Empowering Women: CAREC’s Gender Initiatives 2025
Membership and Partnerships
CAREC currently has eleven member states. These include Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.
Since its founding, CAREC has also partnered with multiple multilateral institutions to fund the development and infrastructure projects. These institutions form the bedrock of CAREC development goals. These include:
- Asian Development Bank (ADB)
- Asian Infrastructure Investment Bank (AIIB)
- European Bank for Reconstruction and Development
- International Monetary Fund (IMF)
- United Nations Development Program (UNDP)
With the help of these partnerships, CAREC has invested more than $50 billion from 2001 to 2023. Of the total, more than $17 billion was financed by the ADB, $23 billion by other development partners, and $10 billion by the CAREC governments.
Moreover, 67% of these investments were made on transportation and 25% on energy. These numbers reflect the growing cooperation between CAREC nations to enhance regional connectivity by making critical investments in transport infrastructure.
CAREC Business Forum
One of the most important elements of cooperation among CAREC states is the annually held CAREC Business Forum. The event focuses on the annual agenda set by CAREC members and is organized in partnership with the Asian Development Bank and the government of the hosting state.
For the 2025 edition of the event, the ADB has partnered with the government of Kyrgyzstan under the agenda of ‘Transforming CAREC Corridors: Unlocking Business Opportunities. Its key objectives include:
- Boosting Private Sector Engagement: To encourage greater involvement of the private sector in regional initiatives and collaboration efforts while pinpointing possible joint projects in key development areas like energy, transportation, trade, mining, agribusiness, finance, and tourism.
- Facilitating Regional Trade and Investment: To contribute to the development of a more alluring business climate that encourages greater flows of trade and investment throughout the CAREC region.
- Stimulating Public-Private Partnerships (PPPs): To promote cooperation between the public and commercial sectors, especially in order to address the substantial infrastructure development demands of the area.
Read More: Connecting Eurasia Through CAREC – A Roadmap for Regional Growth
- Creating Private Sector Networks: To create and grow business networks among member nations that facilitate networking, information exchange, and the growth of business-to-business relationships.
- Giving Business a Voice: To serve as a middleman, giving the private sector a useful forum to contribute ideas, draw attention to issues, and shape policy discussions pertaining to regional development.
- Increasing Awareness of Opportunities: To raise awareness among local and international businesses about the wide range of investment and business opportunities available within the CAREC region.
Opportunities for Pakistan
Pakistan has long seen itself as a gateway for the landlocked nations of Central Asia. Furthermore, over the past decade, Pakistan has also become important for China due to its strategic positioning in the Arabian Sea.
Therefore, the CAREC Business Forum offers immense opportunities for businesses in Pakistan to take advantage of Pakistan’s strategic location by making transnational partnerships with interested parties and enhancing their operations overseas.
The forum will provide business leaders in Pakistan an opportunity to meet with like-minded individuals in the CAREC states to further enhance the regional connectivity and prosperity for the benefit of all.
The forum, therefore, will strengthen ties between CAREC states and provide a framework for resilience in the face of growing economic uncertainty.
Muhammad Omer Rafiq
Muhammad Omer Rafiq is a student of politics with a passion for making sense of our tumultuous political world that always seems to be on the edge. He recently graduated in International Relations from Lahore Garrison University. He can be reached at muhammadomerrafiq@gmail.com
