Pakistan economy was moving in the right direction: Finance Minister Muhammad Aurangzeb

ISLAMABAD, Sep 05 (SABAH): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a virtual meeting with MS. Johanna Chua, Head-Global Emerging Markets Economics, Citi Global Markets, and its partners and investors from different parts of the world on Thursday.

During the meeting, Finance Minister Muhammad Aurangzeb presented a comprehensive overview of the Pakistan economy with focus on the stabilisation and growth trajectory achieved over the last one and a half year that had brought back the interest of investors and lenders into Pakistan.

The Minister said that Pakistan economy was moving in the right direction with serious and significant reforms undertaken in various sectors to ensure permanence to macroeconomic stability. He said the decision to go for a $ 7 billion program with IMF was also aimed at ensuring permanence to macroeconomic stability and executing structural reforms.

During the meeting, the Minister also answered questions from participants about the state of economy, ongoing economic reforms, including privatisation, taxation, energy sector and the government’s efforts for promoting various sectors, including IT and agriculture.

Meanwhile Finance Minister Muhammad Aurangzeb held a virtual meeting with Juland Jaifer Salim Al-Said, Chairman of the Pak Oman Investment Company Limited (POIC) on Thursday to discuss ways for expanding business collaborations and enhancing investment and trade flows between the two brotherly countries. 

The meeting was attended by Juland Jaifer Salim Al-Said, Chairman of the Pak Oman Investment Company Limited (POIC), Nauman Ansari, Managing Director of POIC, and senior officials from POIC and the Finance Division.

During the meeting, the Finance Minister highlighted the significant strides achieved in recent months to stabilize the economy and put it on a sustainable path of growth. He also mentioned the improvements registered in several macro and micro economic indicators of the economy as well as a host of structural reforms undertaken in various sectors of the economy, including energy, taxation, privatization, and downsizing of government to let the private sector lead the growth with the government playing the role of a facilitator, in the process.

Senator Muhammad Aurangzeb highlighted that the Government under the Prime Minister Muhammad Shahbaz Sharif is determined to push ahead with its reform agenda and there was a consensus at the highest level to ensure continuity and certainty of policies to facilitate the private sector, promote businesses and provide a secure and friendly investment climate. 

Juland Jaifer Salim Al-Said, Chairman of the Pak Oman Investment Company Limited (POIC) lauded the initiatives taken by Government in Pakistan for stabilizing the economy. He expressed his deeply-ingrained love for Pakistan, and that the Government of Oman and its businessmen also viewed Pakistan as a brotherly country and a potential place for business and investment. He expressed hope that due to opening up of more investment opportunities in Pakistan in the wake of ongoing economic reforms, there would be more business collaborations.

Meanwhile Muhammad Aurangzeb met with the leadership of Pak China Investment Company Limited (PCICL) to discuss boosting Chinese investment in Pakistan, with a focus on joint ventures and expanding exports of Pakistan-based Chinese firms.

Attendees included PCICL Chairman Sun Bo, Managing Director Hassan Raza, and senior officials from the Finance Division and PCICL.

During the discussion, the Finance Minister said that PCICL was an important partner for Pakistan’s economic growth and development. He said that in the CPEC phase 2, development and growth of industry and relocation of businesses were going to be the priority areas. In such a scenario, it was imperative for PCICL to reposition itself with a clear view of the target market and play the role of an anchor in identifying areas for joint ventures and SMEs and providing advisory and support in financing to boost investment and trade flows, he said.

Sun Bo and Hassan Raza briefed the Minister on PCICL’s efforts to strengthen Pakistan-China trade and investment, pledging continued support. Mr. Sun Bo, Chairman PCICL, thanked the Finance Minister and appreciated his comments and concerns about the role of PCICL in promoting investment and joint ventures between both countries. “We would do our best to serve the Pakistan economy,” he added.

In the end, the Finance Minister also reassured Chinese investors of their security, underscoring the importance of their contributions to Pakistan’s economic progress, and reiterated the commitment of the government to promote a business and investment friendly environment in the country.