Finance Minister Muhammad Aurangzeb reaffirms his resolve to make Pak an attractive business & export hub for the int’l markets

ISLAMABAD, Dec 04, (SABAH): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with a delegation from the American Business Council (ABC) led by Kamran Ataullah Khan, President of ABC and Country Manager/CEO of Dupont. The delegation included Ms. Tushna Patel, Vice President ABC and Executive Director AICT; Syed Khurram Shah, Member of the Executive Committee and Executive Director PepsiCo; Adnan Shafi, Member of the Executive Committee and CEO of PriceOye Technologies; Asif Ahmed, General Manager and Technology Leader at IBM; and Brigadier (Retd.) Tariq Saeed, Government Relations Advisor at Cargill.

During the meeting, the delegation discussed the potential for fostering economic collaboration between Pakistan and the United States, emphasizing the need to create a conducive business environment for foreign investment. The delegation briefed the Minister on the issues and challenges faced by the business community, highlighting areas that require policy intervention to foster a more favorable business environment. They also highlighted opportunities for growth in sectors such as technology, agriculture, and consumer goods, underlining the contributions of ABC member companies to Pakistan’s economic development.

Senator Muhammad Aurangzeb appreciated the efforts of the American Business Council in strengthening bilateral economic ties and welcomed the recommendations shared by the delegation. He assured the government’s full support in facilitating foreign investors and resolving their issues and reaffirmed his resolve to make Pakistan an attractive business and export hub for the international markets. The Minister also apprised the delegation about the government’s comprehensive structural reforms agenda, reaffirming its commitment to expanding the tax base, addressing economic leakages, and ensuring a complete transformation of the tax authority. He emphasized that no exemptions would be granted to any segment of the economy, underscoring that the country is already progressing in the right direction in these areas. The Minister concluded the meeting by emphasizing the government’s determination to implement reforms aimed at ensuring economic stability, enhancing the ease of doing business, and promoting sustainable growth.

Meanwhile Finance Minister Muhammad Aurangzeb held a meeting with a delegation of the METRO AG Germany that called on the Minister at Finance Division on Wednesday. The delegation was led by Atila Yenisen, Executive Vice President METRO AG Germany, and accompanied by Mr. Alfred Graannas, Ambassador of the Federal Republic of Germany to Pakistan. Senior officers of the Finance Division and FBR also attended the meeting. During the meeting, Senator Muhammad Aurangzeb welcomed the delegation and briefed them on the ongoing macroeconomic reforms and their positive impact on the stability and future economic growth of the economy. The Minister also highlighted the significant drop in inflation and the declining interest rate leading to a positive surge in the overall business and economic activity. He said the country’s foreign exchange reserves had also risen from two weeks of import cover to two and a half month of import cover, paving the way for a stable exchange rate and allowing for repatriation of profits and dividends to foreign investors.

Earlier, Atila Yenisen shared with the Minister a brief profile of their business and investment in Pakistan. He said the METRO AG Germany now operated 10 stores in five Pakistani cities, employing over 2000 local staff and benefiting nearly 10,000 associated clients. He said his Group had expanded its business in Pakistan over the years and had also contributed to documentation of economy and boosted Pakistan’s exports by importing over €10 million worth of Pakistani home textiles and other products for their overseas customers on annual basis.