Finance minister sees Pakistan’s growth reaching 4% this year

ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that Pakistan’s economic growth is expected to reach around four percent in the current fiscal year.

Addressing the High-Level EU–Pakistan Business Forum in Islamabad, he described the projected growth as a significant improvement compared to the previous fiscal year.

The minister noted that the country has been consolidating gains in key macroeconomic indicators.

He highlighted that the current account posted a surplus of over $1 billion in March, while expressing satisfaction over rising IT exports, growth in value-added sectors, and an increase in remittances.

Muhammad Aurangzeb added that Pakistan’s foreign exchange reserves are projected to reach approximately $18 billion by the end of June, providing an import cover of about three months.

Speaking at the forum, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan emphasized that the European Union remains Pakistan’s largest export destination, with the GSP+ framework playing a crucial role in expanding market access and improving standards.

However, he stressed that future cooperation should go beyond trade, focusing on investment, technological collaboration, and integration into global value chains.

He identified key sectors with strong potential, including mining, tourism, renewable energy, agricultural modernization, pharmaceuticals, logistics, and infrastructure. He also highlighted untapped opportunities in regions such as Gilgit-Baltistan, Khyber Pakhtunkhwa, and Balochistan, noting their rich natural resources and investment prospects.

Inviting European investors to explore Pakistan’s tourism sector, he said the country offers a unique blend of natural beauty and cultural heritage, presenting high-value investment opportunities.