Pakistan pushes for deeper SCO collaboration amid global challenges

ISLAMABAD: Pakistan remains completely committed to working with the Shanghai Cooperation Organisation (SCO) member states for lasting prosperity, stability, and growth, Finance Minister Aurangzeb said on Tuesday.

He expressed these views during a virtual address to the meeting of finance ministers and central bank governors of SCO member states, held in Beijing, China.

Extending his gratitude to the Chinese government for hosting the high-level gathering, the finance czar stressed the significance of Pakistan’s membership in the SCO.

He described the organisation as a vital platform for fostering regional cooperation and strengthening economic ties among member countries.

Aurangzeb 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.

He recognised the 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 also lauded the organisation for its immense 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 programmes, he underscored 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.

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.

He 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.

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

He 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 highlighted the comprehensive economic reforms undertaken in Pakistan, particularly in strengthening fiscal discipline, improving key macroeconomic indicators, reducing the current account deficit, stabilising 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.