Pakistan reaffirms commitment to SCO for regional economic prosperity

Finance Minister Senator Muhammad Aurangzeb on Tuesday reaffirmed Pakistan’s dedication and preparedness to deepen collaboration within the Shanghai Cooperation Organization (SCO) to promote economic growth, stability, and sustainable development throughout the region.

In a virtual address at the SCO Finance Ministers and Central Bank Governors meeting held in Beijing, China, he underscored Pakistan’s robust commitment to the organization, a press statement issued here read.

The minister also expressed appreciation to the Chinese government for organizing the significant event. He highlighted the importance of Pakistan’s SCO membership, noting the organization’s role as a crucial platform for enhancing regional cooperation and bolstering economic connections among member states.

He reiterated Pakistan’s firm commitment to the SCO Charter and the principles of the “Shanghai Spirit” as guiding tenets for advancing collaboration in the region and praised SCO’s growing role in exploring new avenues for regional development and reiterated Pakistan’s resolve to bolster economic cooperation under the SCO’s framework.

Senator Aurangzeb acknowledged the organization’s contribution to promoting trade, investment and financial cooperation, while reinforcing regional stability and prosperity. Supporting proposals to increase joint projects, technology transfer and capacity-building programs, he highlighted the need for deeper collaboration among member states.

He also underlined the critical role of the digital economy and financial inclusion in driving equitable development, pointing to Pakistan’s active use of digital technologies in fostering economic growth and prosperity.

The finance minister urged collective responses to global challenges such as economic slowdowns, widening inequalities, and climate change. He advocated for inclusive development models that serve all SCO members and ensure sustainable outcomes.

Highlighting infrastructure as a driver of regional integration and economic development, Senator Aurangzeb backed initiatives aimed at improving transport, energy, and digital connectivity across the SCO region.

Muhammad Aurangzeb expressed strong support for the proposed establishment of an SCO Development Bank, calling it a transformative step for financing infrastructure and development projects while enhancing regional integration and economic synergy.

The finance minister said that Pakistan’s perspective on the technical dimensions of the proposed bank and expressed hope that the institution would prioritize innovation, digital finance, fintech solutions, and environmentally sustainable financial practices.

Senator Muhammad Aurangzeb also welcomed the proposal to activate the SCO Network of Financial Think Tanks, expressing optimism that it could become a leading platform for research, policy analysis, and strategic planning in the area of financial cooperation.

He said the comprehensive economic reforms undertaken in Pakistan, particularly in strengthening fiscal discipline, improving key macroeconomic indicators, reducing the current account deficit, stabilizing the currency, and boosting investor confidence.

Earlier, in their addresses, China’s Finance Minister and the Governor of the People’s Bank of China acknowledged Pakistan’s economic progress and congratulated the government for successfully pursuing stability and reforms, commending its commitment to regional economic integration through the SCO platform.