Finance minister says economic stability is encouraging local investment, paving the way for greater foreign participation.
KARACHI: Finance Minister Muhammad Aurangzeb has said Pakistan’s economy is moving in the right direction, with foreign investors increasingly expressing interest in investment opportunities in the country.
Addressing the media at the Overseas Chamber of Commerce and Industry (OICCI) in Karachi on Thursday, Aurangzeb said the recent privatisation process for Pakistan International Airlines (PIA) had attracted significant investor interest.
He said two major conglomerates had participated in the bidding process, with offers reaching $1.2 billion for the national flag carrier. According to the minister, foreign investors generally begin showing interest after domestic investors gain confidence in the market.
“There was no foreign interest in the PIA privatisation,” Aurangzeb said, adding that local investor participation could help create conditions for subsequent foreign investment.
The finance minister also highlighted growing interest in the privatisation of three state-owned power distribution companies (DISCOs). He said investors from Saudi Arabia and Türkiye had shown interest, with three Turkish firms joining local investors in exploring opportunities in the sector.
Aurangzeb described the process as a sequence in which economic stability builds confidence among domestic investors, followed by increased interest from international investors.
He said the government was formulating a comprehensive plan to increase investment and strengthen economic activity. He also praised the Federal Board of Revenue (FBR) for achieving its tax collection target for September.
The minister said the government was focused on achieving export-led economic growth to help Pakistan avoid recurring boom-and-bust cycles.
On inflation, Aurangzeb said the government had succeeded in bringing inflation down to single digits, although price pressures increased again following a rise in global oil prices amid the US-Iran conflict.
Referring to the economic impact of protests and long marches, he stressed the importance of political dialogue to maintain economic stability. He said political stakeholders did not need to resolve every issue at once, but should agree on a few key points to ensure continuity and stability.