Washington DC: Federal Minister of Finance and Revenue, Mr. Muhammad Aurangzeb, met with members of the US Pakistan Business Council (USPBC) on the sidelines of the International Monetary Fund / World Bank Spring Meeting in Washington, where he appreciated the important role of US corporations. Strengthening Sector Pak-U.S. economic relations. Despite the challenges, he said the government is ready to implement difficult but necessary reforms to ensure long-term economic growth and macroeconomic stability. He highlighted key initiatives including the Investment Policy 2023, which aims to attract more foreign investment in various sectors in Pakistan to increase investor confidence and simplify project implementation. He said the new policy will simplify business rules, give foreign investors the freedom to send their earnings abroad in their own currency and receive special protection. He also briefed them on the government’s efforts to digitize the economy and expand the tax base to ensure sustainable economic growth. Members of the USPBC welcomed the steps taken by the Government of Pakistan to facilitate business and assured the support of the USPBC Minister to promote bilateral trade and investment cooperation.
Climate Vulnerable Forum (CVF) Secretary General H.E. Former Maldivian President and Finance Minister Mohammad Nasheed expressed Pakistan’s vulnerability to climate-induced disasters, pointing to the 2022 floods in Pakistan that affected 33 million people and caused an estimated loss. 15.2 billion US dollars. He emphasized the need to expand the efforts of developed countries, including Pakistan, to provide additional financing, technology transfer and capacity building to developing countries. He also highlighted Pakistan’s active role in mobilizing global support for the Loss and Damage Fund at COP 28. Mr Nasheed acknowledged Pakistan’s efforts to combat climate change and concluded that there is a need to provide more resources to developing countries. to the weather problem.
In a meeting with influential Pakistani American businessmen and technology entrepreneurs, the finance minister appreciated the important role of the Pakistani diaspora in Pakistan’s socio-economic development. He called them bridge builders in deepening trade and investment relations. Pakistan and the United States. The minister highlighted the various initiatives taken by the government to improve the business-friendly environment and attract foreign investment to Pakistan. It highlights Pakistan’s potential in the IT sector as it is a community of over a million freelancers, ranks 3rd in the world in free trade and produces over 75,000 IT graduates every year from 250+ recognized universities. The Minister urged the participants to tap the growth opportunities of the agriculture, IT, mining and energy sectors in Pakistan. The participants appreciated the government’s efforts to improve the investment climate in Pakistan and expressed their desire to receive Pak-U.S. economic relations reached a new level.
The Finance Minister also attended a seminar on “Opportunities and Challenges for Pakistan’s Economy to 2024 and beyond”.
Adopted by the Atlantic Council. In his speech, he highlighted the prevailing economic situation in Pakistan and the steps taken by the government to facilitate exports, increase remittances, broaden the tax base, improve ease of doing business, digitize the economy and put the economy on a higher growth path. Attract FDI to the country. Positive trends in industrial activity, improved outlook for agriculture and improvement in Composite Leading Indicators (CLIs) of Pakistan’s main export markets are signs of economic recovery. The implementation of reforms in the 9th Independence Agreement (SBA) of the HPG has provided macro-economic stability to Pakistan. He said Pakistan prioritized investment in agriculture, IT, mining and energy sectors to increase productivity and ensure sustainable development. He urged international stakeholders to be close partners in the prosperity and economic development of Pakistan.
The finance minister’s media credentials include interviews with The Wall Street Journal and Agence France-Presse (AFP).
The finance minister led Pakistan’s delegation to the 2024 International Monetary Fund/World Bank spring meeting in Washington. Other representatives include the Secretary of Finance Mr. Imdadullah Bosal, Secretary of the Department of Economy Dr. Kazim Niaz, State Bank of Pakistan Governor Mr. Jamel Ahmed and Senior Joint Department of Economy Mr. Adil Akbar Khan.
