Islamabad, Aug 19: Senator Muhammad Aurangzeb, the federal minister of finance and revenue, reaffirmed the government’s commitment to establishing a stable and favorable economic environment here on Monday, stating that all essential steps were being done to encourage investment.
According to a news release from the finance ministry, the minister was virtually called upon to discuss the economic outlook and look into investment potential in Pakistan by President and Group Chief Executive Officer (GCEO) of Mashreq Bank, Ahmed Abdelaal. The press statement also stated that senior officials from the Finance Division and State Bank of Pakistan (SBP) as well as Minister of State Ali Parvez Malik attended the meeting.
In order to promote economic growth, the Finance Minister emphasized the noteworthy potential of Pakistan’s agriculture and IT industries and urged greater investment from domestic and foreign partners. He conveyed the government’s strong desire to resume its relationship with Mashreq Bank and expressed gratitude for the bank’s involvement in Pakistan’s financial environment.
The Minister gave a summary of the nation’s economic prospects and highlighted recent advancements in macroeconomic metrics, currency stability, and financial market stability.Additionally, he discussed government economic policies and objectives, highlighting the continuous efforts to stabilize the macroeconomic climate and boost investor confidence through important government initiatives like expanding the tax base, facilitating easier commercial transactions, measures pertaining to SOEs, the government’s goal of privatization, and the digitalization of the Federal Board of Revenue (FBR).
Ahmed Abdelaal expressed his appreciation for the government’s policies and activities on the occasion, which aimed to boost investor confidence and create a business-friendly climate in the nation.He said that Mashreq Bank was keen to further its involvement in Pakistan’s financial industry and support the nation’s economic growth, citing Pakistan as one of the most important markets for potential investments.
In order to improve cooperation between Pakistan and the United Arab Emirates (UAE) for remittances, trade, finance, and Islamic banking, he also covered possible investment opportunities in Pakistan, including infrastructure, energy, technology, agriculture, and SMEs.
The summit also emphasized Pakistan and Mashreq Bank’s strong relationship in advancing sustainable economic development, according to the release. The conversation demonstrated Pakistan’s dedication to responsible budgetary control, policies that are favorable to investors, and growth that is inclusive, which is a step in the right direction toward strengthening economic cooperation.
