Islamabad, August 9, 2024 – Federal Minister for Finance and Revenue, Muhammad Aurangzeb, on Friday underscored the recent positive developments in Pakistan’s economic landscape during a meeting with Shi Yuanqiang, Chargé d’Affaires of the Embassy of the People’s Republic of China, and other embassy officials.
The meeting focused on strengthening economic cooperation and reinforcing bilateral ties between the two nations.
Aurangzeb highlighted key achievements, including a rise in foreign exchange reserves, a decline in inflation, and improved tax collection. He emphasized that these indicators reflect the government’s commitment to stabilizing and strengthening the economy. “We are on a path of sustainable growth,” the minister remarked, pointing to significant reforms in the energy sector, state-owned enterprises (SOEs), and ongoing privatization efforts.
The minister also discussed Pakistan’s dedication to export-led growth, aiming to attract increased foreign direct investment (FDI) from China and other international partners. He emphasized the importance of FDI in driving economic development and job creation, particularly in sectors such as energy and infrastructure.
Recalling his recent visit to China, Aurangzeb shared that he had engaged in productive discussions with Chinese Finance Minister and other key officials. The talks focused on proposals to enhance economic cooperation, particularly in trade, energy, and investment. “Our bilateral relationship with China is stronger than ever, and we are committed to furthering this partnership for mutual benefit,” Aurangzeb stated.
The meeting was also attended by Minister for Power, Sardar Awais Ahmad Khan Leghari, Special Assistant to Prime Minister on Power, Muhammad Ali, and Minister of State for Finance and Revenue, Ali Pervaiz Malik. Leghari expressed the government’s appreciation for Chinese investment in Pakistan’s energy sector. He noted that the government is implementing reforms to address challenges within the sector and ensure a reliable and efficient energy supply.
Shi Yuanqiang reiterated China’s commitment to supporting Pakistan’s sustainable economic development. He assured that the Chinese government is working closely with Pakistani authorities to implement the understandings reached during the Prime Minister’s recent visit to China. “China values its partnership with Pakistan and will continue to contribute to its economic growth and stability,” Shi stated.
The meeting concluded with both sides expressing a strong desire to deepen cooperation in various economic sectors, ensuring that the momentum gained from recent initiatives continues to drive progress.