Pakistan, US reaffirm resolve to upgrade economic partnerships

Pakistan, US reaffirm resolve to upgrade economic partnerships

Washington (Web Desk): Pakistan and the United States (US) have vowed to upgrade economic partnerships in alternate energy, agriculture, climate resilience and tech industry sectors.

The resolve came during meeting of Finance Minister Muhammad Aurangzeb with US Assistant Secretary Donald Lu and Principal Deputy Assistant Secretary of US State Department Elizabeth Horst at World Bank headquarters in Washington, the Radio Pakistan reported.

The meeting underscored the political will in Washington to strengthen Pak-US ties.

The minister highlighted emerging opportunities for US investment in Pakistan's IT, energy, agriculture and minerals sectors and said Pakistan will work closely with US International Development Finance Corporation and Exim Bank.

He briefed the US officials about Pakistan's reform agenda with a focus on broadening tax base, streamlining energy sector and fast-tracking privatization process of state-owned enterprises.

Meanwhile, the finance minister also met Minister of State for Financial Affairs of United Arab Emirates (UAE) 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 to UAE's financial support to Pakistan in times of need.

He said the government is committed to continue with reforms initiated under the current IMF program in the priority areas of taxation, energy and privatization of SOEs.

Aurangzeb underlined Pakistan's firm resolve to address economic challenges and create a conducive environment for sustainable growth and investment.

He also expressed Pakistan's keen interest to re-engage with Middle Eastern Banks to revive their interest in potential investment opportunities in the country.  

During his meeting with 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.

Muhammad Aurangzeb highlighted government's ongoing economic reforms aimed at improving the investment climate and creating a business-friendly environment for both domestic and international investors.

He underscored the government's commitment to address investor concerns and facilitate the ease of doing business.

The finance minister reiterated Pakistan's focus on promoting sustainable and inclusive economic growth, emphasizing the crucial role of Foreign Direct Investment (FDI) in achieving this objective.

Hiroshi Matano commended the government's efforts to enhance investors' confidence and expressed MIGA's readiness to continue supporting Pakistan in attracting quality foreign investments across various sectors of the economy.

The finance minister also met representatives of Deutsche Bank in Washington. He appreciated the Bank's support to Pakistan.

The Bank representatives briefed the minister on different transaction structures to assist Pakistan in accessing the international capital markets.

They discussed the establishment of a sustainable finance framework for the issuance of green sustainability bond.