The Securities and Exchange Commission of Pakistan (SECP) held Pakistan’s first-ever meeting of Economic Cooperation Organization (ECO) Heads of Capital Market Supervisory Authorities recently.
The meeting was arranged by the ECO Secretariat and hosted by the SECP to promote sustainable socio-economic development of the region through collaboration between member states. The meeting was attended by representatives from eight of the total 10 ECO member countries, including the Republic of Azerbaijan, Islamic Republic of Iran, Republic of Kazakhstan, Kyrgyz Republic, Islamic Republic of Pakistan, Republic of Turkey, Turkmenistan, and the Republic of Uzbekistan.
“Without a shared vision that taps into a larger pool of intellectual and physical resources, we cannot do justice to our mandates,” said SECP Chairman Aamir Khan while addressing the meeting. He stressed the importance of collaboration and knowledge sharing between member states, which will enable the region to achieve shared success. He also briefed participants about recent reforms carried out by SECP to improve Pakistan’s capital markets.
Khan reiterated SECP’s commitment to enhancing cross-border cooperation, recalling the earlier meeting of the capital market regulators forum of the Central Asia Regional Economic Cooperation Forum hosted by SECP in 2019. He added, “Our glorious shared and individual histories place a burden on us today to create the environment that fosters a sustainable future for posterity”.
Musarat Jabeen, Executive Director of SECP, welcomed the participants and stated that through leveraging the experience of other member states, ECO members have huge potential for advancement in the realm of capital markets.
Seyed Mohsen Esperi, Deputy Secretary General, ECO Secretariat, spoke about market connectivity and the benefits of information sharing to make effective use of available opportunities in the region. The participants exchanged views on the establishment and mandate of the Capital Market Supervisory Authorities’ Forum, opportunities, and challenges faced by member countries, and deliberated on mechanisms for information sharing and regulatory capacity building of ECO members.
Representatives of member states appreciated this initiative and shared their views on the current state of their capital markets. Meyer Hamedi from Iran expressed appreciation for the establishment of the forum, stating that the forum will enable innovation in regional markets, which will benefit all countries. Selcan Olca, from Turkey, expressed that participating countries may learn from each other’s experiences, which will lead to the overall strengthening of the regulatory framework in the region.