FinMin asks investors to capitalise growing opportunities in Pakistan

WASHINGTON DC: Finance Minister Muhammad Aurangzeb called upon Pakistani American business community and tech entrepreneurs to capitalise on the growing opportunities in Pakistan in key sectors including agriculture, Information Technology (IT), mining, and energy.

In a meeting with businessmen and tech entrepreneurs on the sidelines of the IMF/World Bank Spring meetings in Washington DC, Muhammad Aurangzaib also lauded the important role of the Pakistani diaspora in the socio-economic development of the country.

He termed them as bridge-builders in deepening trade and investment ties between Pakistan and the United States.

The finance minister highlighted various initiatives taken by the government to improve business-friendly environment and attract foreign investment in Pakistan. He specifically highlighted the potential of Pakistan in the IT sector as it hosted a community of over a million freelancers, ranked 3rd globally in the freelance market and annually produced over 75,000 IT graduates from 250+ recognized universities.

On the occasion, the participants appreciated the government’s efforts to improve the investment climate in Pakistan and expressed their keen interest in taking Pak-U.S. economic ties to a new level.

Separately, in a meeting with the members of the US Pakistan Business Council (USPBC), the minister appreciated the important role of US corporate sector in strengthening Pak-U.S. economic ties.

Muhammad Aurangzaib said that despite the challenges, the government was committed to implementing difficult but necessary reforms to ensure long-term economic growth and macroeconomic stability.

The finance minister also highlighted key initiatives, including the Investment Policy 2023, aimed at attracting more foreign investments across various sectors in Pakistan to enhance investors’ confidence and streamline project implementation, particularly in priority sectors such as agriculture, IT, energy, and minerals and mining.

Pakistan has initiated discussions with the IMF over a new multi-billion dollar loan agreement to support its economic reform program, the finance minister told AFP on Monday.

The South Asian nation is nearing the end of a nine-month, $3 billion loan program with the International Monetary Fund designed to tackle a balance-of-payments crisis which brought it to the brink of default last summer.

With the final $1.1 billion tranche of that deal likely to be approved later this month, Pakistan has begun negotiations for a new multi-year IMF loan program worth “billions” of dollars, Finance Minister Muhammad Aurangzeb said during an interview in Washington.