Addressing at a function held for Indian trade delegation at a local hotel the minister underlined the need for creating conducive atmosphere to bring down the level of 'trust deficit' in Indo-Pak relations.
Giving his views on construction of gas pipeline from Iran to India, Shaukat Aziz said that it would change the dynamics of economy in South Asia.
Referring to Pakistan's resolve to move on the path of peace, Shaukat Aziz stressed the need for co-operation between India and Pakistan in the field of travel and tourism.
Expressing hope that India would also be ready to join gas pipeline project through Pakistan, he said that it would result in equal win-win position for all the three countries involved in it.
"The project would result in institutionalising relations between both South-Asian neighbours," he added.
Referring to Indus-Basin Treaty between Pakistan and India, as an example, the Finance Minister said that both neighbours have successfully observed it for the last four decades and could be set as an example of moving forward on issues amicably.
On measures to boosts the country's economy, he said, "we have launched a crash program to encourage private sector to build more hotels for facilitating tourists here".
Answering a query on shipping services, the Minister said that progress has been made on airlines front between the two countries.
Stating that Pakistan's trade with Afghanistan stood at $ 600 million in 2002-03, Shaukat expressed hope that it would rise to $ 1 billion in the current year.
Shaukat said that the country's population growth had declined to 1.96 percent. He said that at present 85 percent of banking sector in the country is in the private sector.
Touching upon the issue of shares of provinces from federal divisible pool, the minister said that the federating units would hopefully settle this amicably.
"A modus operandi of arbitration on the issue of NWFP's net hydel profits has been evolved," he said.
K V Kamath, Managing Director, Industrial Credit and Investment Corporation of India, ICICI Chairman N Vaghul, Bashir Janmuhammad, Vice-Chairman, Pakistan Industrial Credit Investment Corporation (Picic), and Muhammad Ali Khoja, Managing Director, Picic, graced the occasion.
Earlier in his address of welcome, Bashir Janmuhammad expressed the hope that board of ICICI Bank will establish a branch in every city of Pakistan and desired Picic would do likewise in India.
He said Pakistani and Indian economic growth mostly depends on industries, which can provide employment to unemployed educated youth.
I am very much in favour of hi-tech industries. Both the countries have to vouch for their population growth rate; it needs to be curtailed.
However, in view of huge population, creation of more industries can provide avenues of high employment. "I am amazed to recall Colin Powell, US Secretary of State, complaining that India is doing "too much outsourcing", depriving US citizens of employment.
If India can do outsourcing giving employment to its own population at 10 percent of the cost of developed countries, what's wrong in it, as cost in developed countries is too high and we can get advantage of it."
Bashir said Pakistanis and Indians are hardworking people with low cost of living and they can work even for 24 hours. Both countries should exchange information and clinch outsourcing from countries, who work four and a half day in a week, enjoy holidays and still claim to be the masters.
Let us continue to be servants for the time being but let us ensure to get our share in the world economy.
Bashir said both the countries enjoy unbelievable natural wealth and resources and with such a huge population of India and Pakistan and contemporary and complementary economies, we can serve the entire population of the region in a better way.
In the long run, we can strive to eliminate poverty collectively. We can bring to the world a zone of the countries, which would be led by both India and Pakistan.
We can complement economies of both the countries. It is high time for us to think for and ensure to implement real work for the betterment of the general masses of this subcontinent from a number of platforms including Saarc.
It is, indeed, a great pleasure to see India's largest Industrial Groups, Reliance, Avalani, Bajaj, Hindustan Lever, Tata, Videocon, etc., to name a few.
These industrial tycoons and officials from ICICI Bank, State Bank of India, Shipping Corporation of India and other industrial giants present at this august gathering should come forward to play their vital roles towards economic development of both the countries, he said.
Poor has become poorer, we are depending on economies of other countries, spending most resources of our budget on areas, which can be termed as unproductive.
The recent initiative taken by our President General Pervez Musharraf and Indian Prime Minister Atal Behari Vajpayee should be welcomed by all of us.