Pakistan Seeks to Bolster Economic Growth and International Investment at IMF/World Bank Meetings

Washington DC, During the IMF/World Bank Spring Meetings, Pakistan’s Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, engaged with various international leaders and business communities to advocate for stronger economic ties and attract foreign investment to Pakistan.

According to Press Information Department, Minister Aurangzeb met with members of the U.S. Pakistan Business Council (USPBC), emphasizing Pakistan’s commitment to implementing necessary economic reforms for long-term growth and stability. He outlined key aspects of the 2023 Investment Policy designed to attract more foreign investment by simplifying business regulations, allowing the repatriation of profits, and ensuring special protection for foreign investors.

In meetings with the Climate Vulnerable Forum (CVF) Secretary-General, H.E. Mohamed Nasheed, and influential Pakistani-American businessmen and tech entrepreneurs, Minister Aurangzeb highlighted Pakistan’s vulnerability to climate change and its proactive measures in the global arena, including advocating for the Loss and Damage Fund at COP 28. He also emphasized the potential within Pakistan’s IT sector, which boasts a significant number of freelancers and graduates annually.

The minister’s discussions also covered the need for developed countries to increase financing, technology transfer, and capacity building to help developing nations like Pakistan cope with climate-induced challenges. Attendees at various meetings showed strong interest in deepening economic cooperation, with the USPBC reaffirming their support for enhancing bilateral trade and investment.

Moreover, at a seminar hosted by the Atlantic Council, Minister Aurangzeb detailed the economic strategies Pakistan is employing to ensure sustainable growth, including facilitating exports, expanding the tax base, and investing in key sectors like agriculture, IT, mining, and energy. He encouraged international stakeholders to invest in Pakistan, highlighting the country’s ongoing recovery and the positive trends in its major industries and export markets.

The IMF/World Bank meetings serve as a pivotal platform for Pakistan to present its economic reforms and opportunities to a global audience, seeking partnerships and investments to bolster its economic trajectory.