FinMin pushes for US investment amid improving economic outlook

WASHINGTON: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday urged American investors to explore Pakistan’s energy, mineral, agriculture, and IT markets, reaffirming commitment to favourable US-Pakistan tariff arrangements.

Aurangzeb expressed these views during a meeting with Robert Kaproth, Assistant US Treasury Secretary for International Finance, and Counsellor Jonathan Greenstein in Washington, DC, where he is attending the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).

During the discussion, the finance minister underlined Pakistan’s improving economic fundamentals, supported by the ongoing IMF programme.

He also briefed the US Treasury officials on Pakistan’s recent legislation to regulate virtual assets.

Aurangzeb encouraged American companies to explore investment opportunities in Pakistan’s oil and gas, mineral, agriculture, and IT sectors, emphasising the country’s potential for sustainable and mutually beneficial economic cooperation.

The finance minister, along with his team, commenced a busy schedule in Washington, DC, where he has arrived to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).

The minister began his official engagements today with a meeting with Riccardo Puliti, Regional Vice President, IFC for the Middle East, Central Asia, Türkiye, Afghanistan & Pakistan. During the meeting, the Minister highlighted strong macroeconomic indicators of the country.

Senator Aurangzeb appreciated IFC’s partnership with Pakistan, its role in scaling up private sector investment, including through multi-billion-dollar investments in support of the 10-year Country Partnership Framework (CPF).

He agreed to achieve early financial closure of the IFC's flagship Reko Diq project. He also welcomed the new regional set-up of IFC with a regional office in Islamabad.

Aurangzeb also attended the Commonwealth Finance Ministers Meeting (CFMM), focusing on “Strengthening Economic Resilience amidst International Policy Shifts."

In his address to the meeting, the finance minister emphasised the importance of prioritising actions and focusing on delivery to move towards the goal of a resilient and prosperous Commonwealth.

Senator Muhammad Aurangzeb also supported measures for operationalising the Commonwealth infrastructure, Financial Resilience Hub and Technical Assistance Fund for peer review and capacity building.

He further underscored the centrality of climate financing for a country like Pakistan and the imperative of operationalising institutions, including the Loss and Damage Fund.

The Pakistani delegation was also hosted by the leadership and members of the US-Pakistan Business Council.

Speaking on the occasion, Aurangzeb briefed the participants about improvements in the macroeconomic indicators of Pakistan. He also underlined that the private sector has to lead the country.

He reiterated that the Government of Pakistan was conscious of the challenges being faced by businesses and was working to provide maximum relief.

He highlighted the trade deal negotiated with the US authorities, saying he looked forward to enhanced G2G and B2B engagements with US companies in priority sectors, including mines & minerals, agriculture, IT, and pharmaceuticals.