Pakistan’s economy is showing positive trends: Finance Minister

DUBAI: Federal Minister for Finance and Revenue Muhammad Aurangzeb met investors in Dubai.

The meeting focussed on supporting existing economic partnerships and exploring further diversification to include information technology, renewable energy, transport and logistics, infrastructure, and real estate development.

These investors included Abdulla Bin Lahej, Chairman of Ayana Holding, Dubai, and former CEO of Emaar Group; Mohammed Hilal Bin Tarraf Al Mansoori, Chairman Nad Al Shiba Holding, Dubai; Farooq Arjomand, Vice Chairman of Damac Group; Abdul Ghaffar, MD Mauritius Company; Sheharyar, owner of Fly Jinnah Airlines; and Dr Taje, energy sector investor.

The federal minister highlighted the competitive advantages making Pakistan an ideal destination for investors seeking high returns and sustainable growth. He also highlighted the role of Special Investment Facilitation Council (SIFC) in assisting investors, providing them comprehensive support services including market research, regulatory guidance, investment facilitation, and post-investment support.

The federal minister also held a separate meeting with senior officials of Mashreq Bank and First Abu Dhabi Bank. MD Grey Smith, MD Abdullah Alkneibi, and Fawaz Abu Sneineh from First Abu Dhabi Bank while MD Corporate Banking Zain Qurayshi and Executive Vice President Hammad Naqvi from Mushreq Bank attended the meeting.

During the meeting, the federal minister discussed strengthening of financial and economic cooperation with Pakistan. He emphasised upon the bankers to enhance financing for Pakistan, given significant improvements in economic fundamentals by the country.

In another meeting with the members of the Pakistan Business Council, UAE, including Mustafa Hemani, Iqbal Daud and others, Aurangzeb stressed upon the need of collaboration with industry leaders, government agencies, financial institutions, and local stakeholders to forge strategic partnerships that facilitate trade and investment inflows into Pakistan.

The minister said that Pakistan’s macro-economic indicators have started showing positive trends both at internal and external fronts. “The ongoing structural reforms and enforcement mechanism would further set the direction of the economy in a right way,” he added.

He also applauded Pakistani businessmen based in the UAE for highlighting Pakistan’s best business practices and conducive environment to attract investors, especially in IT, digitalisation, climate change, agriculture, and human capital.

Pakistan’s Ambassador to the UAE Faisal Niaz Tirmizi, Consul General at Pakistan’s Consulate in Dubai Hussain Muhammad, and Trade & Investment Counsellor Ali Zeb Khan also attended the meetings.