Islamabad (Web Desk): Finance Minister Muhammad Aurangzeb on Tuesday reiterated Pakistan’s unwavering commitment to advancing regional cooperation and economic development through the SCO framework.
During his virtual address at the meeting of Finance Ministers and Central Bank Governors of the Shanghai Cooperation Organization (SCO) member states in Beijing, he reaffirmed Pakistan’s active engagement with the organisation, highlighting its importance as a platform to deepen regional ties and promote collective prosperity and stability.
The finance minister expressed appreciation to the Chinese government for hosting the high-level event and underscored the value Pakistan places on its SCO membership.
He described the SCO as a crucial forum for fostering regional connectivity and economic integration. Aurangzeb emphasized adherence to the SCO Charter and the “Shanghai Spirit,” noting these as foundational principles guiding cooperation among member states.
Aurangzeb commended the SCO’s expanding influence in driving regional development and reiterated Pakistan’s dedication to strengthening collaborative efforts within its structure.
He acknowledged the organization’s significant contributions to promoting trade, investment, and financial partnerships while enhancing overall regional stability.
Stressing the need for more joint initiatives, he advocated for expanded cooperation in areas such as technology exchange and capacity development, asserting the importance of building stronger economic ties among SCO nations.
Highlighting the transformative role of digital innovation, the minister pointed to Pakistan’s proactive use of digital tools to spur economic progress and emphasized financial inclusion as essential for equitable growth across the region.
He called on member countries to formulate unified responses to global issues such as economic slowdowns, inequality, and climate change.
“Inclusive development strategies are key to ensuring sustainable outcomes for all SCO participants,” he said.
Aurangzeb also focused on infrastructure as a cornerstone of regional integration, supporting initiatives to enhance transport, energy, and digital connectivity.
He expressed Pakistan’s full support for the proposed SCO Development Bank, describing it as a potentially game-changing institution for funding infrastructure and development projects across the region.
The finance minister conveyed Pakistan’s views on the technical aspects of establishing such a bank, urging that it prioritize modern solutions like digital finance, fintech innovation, and environmentally conscious practices.
He also welcomed the idea of operationalizing the SCO network of financial think tanks, viewing it as a valuable forum for research, strategic dialogue, and policy formulation in the realm of financial cooperation.
Addressing Pakistan’s internal economic landscape, Muhammad Aurangzeb shared the progress made through comprehensive reforms.
He cited improvements in fiscal management, key macroeconomic indicators, reduction of the current account deficit, stabilization of the currency, and a resurgence in investor confidence.
Concluding his remarks, Muhammad Aurangzeb noted the acknowledgment Pakistan received from the Chinese leadership.
Earlier, addressing the event, both China’s Finance Minister and the Governor of the People’s Bank of China praised Pakistan’s economic efforts and reforms, commending its resolve to pursue regional economic integration under the SCO’s umbrella.