Agriculture and IT Identified as Pillars of Economic Strength in Pakistan

Islamabad: Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb emphasized the importance of agriculture and information technology as key sectors driving Pakistan’s economic growth. His remarks came during a meeting with Mr. Kevin Piccoli, Deputy Director in the Office of International Affairs at the US Commodity Future Trading Commission, along with other prominent officials.

According to Press Information Department, Senator Aurangzeb discussed the significant role of the agricultural commodities market and the potential benefits of a collaborative effort between the Securities and Exchange Commission of Pakistan (SECP) and the US CFTC. The focus of the meeting was on capacity-building training sessions aimed at developing a robust commodities futures market in Pakistan. This initiative is expected to enhance regulation and oversight, contributing to a well-functioning market that could bolster economic stability.

During the meeting, which also saw participation from the Chairman of SECP Mr. Akif Saeed, senior officials from the Finance Division, and officials from the US Embassy in Pakistan, Senator Aurangzeb highlighted agriculture’s substantial contribution to the GDP. He noted that the sector recorded a 6.25% growth rate in FY2024, driven by a significant increase in the output of major crops. The growth in agriculture, along with advancements in the IT sector, characterized by domestic innovation and potential for increased exports, were recognized as vital elements for sustainable economic development and stability in Pakistan.

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