WASHINGTON: Finance Minister Muhammad Aurangzeb in a meeting with US Assistant Secretary for South and Central Asian Affairs Donald Lu vowed to upgrade economic partnerships between the two countries in alternate energy, agriculture, climate resilience, and tech industry sectors.
Principal Deputy Assistant Secretary of the US State Department Elizabeth Horst was also present during the meeting at World Bank headquarters in Washington. The meeting underscored Washington’s commitment to strengthen Pak-US ties.
According to the statement issued by the finance ministry on Wednesday, the finance czar highlighted emerging opportunities for US investment in Pakistan’s IT, energy, agriculture, and minerals sectors and said Pakistan will work closely with the US International Development Finance Corporation and Exim Bank.
Identified American investment opportunities in IT, renewables, agriculture, & minerals extraction. Pakistan pledges close collaboration with US International Development Finance Corporation & Exim Bank for mutual development. (3/3) pic.twitter.com/v2uizoULfU
— Ministry of Finance, Government of Pakistan (@Financegovpk) April 17, 2024
The ministry stated that the meeting primarily focused on upgrading economic partnerships, with emphasis on alternate energy, agriculture, climate resilience, & tech industry. The Finance Minister briefed on Pakistan’s reform agenda including broadening the tax base, and energy sector streamlining, and fast-tracking the privatization process of state-owned enterprises.
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Earlier, Finance Minister, Muhammad Aurangzeb met with the Pakistan Staff Association of World Bank-IMF. minister briefed them on the government’s reform agenda.
The meeting focused on the expansion of the tax base, energy sector reforms, digitalization, privatization, promotion of public-private partnerships, and strict adherence to fiscal discipline to revive Pakistan’s economy and drive sustainable growth, the statement reads.
Meanwhile, the Finance Minister also met the Minister of State for Financial Affairs of the United Arab Emirates Mohamed bin Hadi Al Hussaini, and discussed bilateral economic cooperation and avenues for strengthening ties.
Highlighting the long-standing relations between Pakistan and the UAE anchored in shared history, culture, and faith, the Minister expressed gratitude for the UAE’s financial support to Pakistan in times of need, the finance ministry added.
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He said the government is committed to continuing with reforms initiated under the current IMF program in the priority areas of taxation, energy, and privatization of SOEs. He underscored Pakistan’s firm resolve to address economic challenges and create a conducive environment for sustainable growth and investment.
During his meeting with the Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA) and World Bank group’s member Hiroshi Matano, the Finance Minister discussed Pakistan’s investment landscape and measures to enhance investor confidence.
He appreciated MIGA’s continued support in attracting foreign direct investment into Pakistan. The Minister highlighted the government’s ongoing economic reforms aimed at improving the investment climate and creating a business-friendly environment for both domestic and international investors.