ISLAMABAD: Finance Minister Muhammad Aurangzeb has invited foreign companies to invest in Pakistan’s agriculture, information technology, mines and minerals sectors to avail the opportunities that are emerging because of the improved investment climate in the country.
Mr Aurangzeb, who is leading a Pakistani delegation to the annual meetings World Bank in Washington, attended a series of investor fora organised by Citibank, Standard Chartered and JP Morgan, highlighting positive trends of economy.
He briefed the investors on the positive performance of the economy during FY24 and expressed satisfaction that all economic indicators were moving in the right direction.
According to press release issued by the finance ministry, the minister highlighted reforms in taxation, energy, SOEs, privatisation and right-sizing of the government.
During a meeting with Islamic Development Bank President Dr Muhammad Sulaiman Al Jasser, the finance minister acknowledged banks’ role as a reliable partner in Pakistan’s progress and appreciated their financing in diverse sectors, such as energy, transportation, education and health.
He lauded IsDB’s investment in Mohmand dam, along with other members of the Arab Coordination Group, which could serve as the template for co-financing of similar and even bigger projects in future.
Meanwhile, the minister had a luncheon meeting with the leadership and members of the US-Pakistan Business Council, where he acknowledged the council’s contributions to deepening trade and investment ties between Pakistan and the United States. He invited the US firms to benefit from the government’s investment-friendly policies and one-window facility provided by the Special Investment Facilitation Council (SIFC).
Mr Aurangzeb also met the representatives of JP Morgan Bank and provided an overview of recent improvements in Pakistan’s economic outlook, highlighting important reforms in the areas of taxation, privatisation and overhauling of SOEs.
In a meeting with Anneliese Dodds, the UK minister of state for development, women and equalities, Mr Aurangzeb appreciated the longstanding partnership between the two countries in the development sector. He welcomed the contribution of $120m to IFCs Climate Investment Funds for Pakistan.
The finance minister also met Anna Bjerde, the managing director of operations at the World Bank, and discussed Pakistan’s development priorities supported by the Country Partnership Framework.
The minister participated in the Small Talks Forum hosted by the Bank of America Securities and provided overview of government’s macroeconomic stabilisation efforts and performance of the economy over the last year. He invited partnerships in Pakistan’s agriculture, IT, mining and renewable energy sectors.
Promising outlook
Meanwhile, State Bank Governor Jameel Ahmad, while highlighting significant improvement in the national economy and its promising outlook, said the economy is headed in the right direction with recovery of economic activity and expectation of further real GDP growth in FY25.
He expressed the views during meetings with delegates from international rating agencies and key global investors during the events hosted by leading financial institutions on the sidelines of the IMF-World Bank annual meetings in Washington, said a statement.
Published in Dawn, October 26th, 2024
