Foreign investment pivotal for ‘Macro Economic Stability’ in Pakistan: Finance Minister

ISLAMABAD, :Finance Minister Senator Muhammad Aurangzeb on Monday said that foreign investment is necessary for ‘Macro Economic Stability’ in Pakistan and the visit of Saudi investors to Pakistan is a link in this chain.

The Finance Minister said this while addressing to Pakistan Saudi Arab Investment Forum, 2024 held here.

He said that short, medium and long-term strategies are being worked on for Macro Economic Stability, which will further develop the country’s economy.

He said that the government is working on structural economic reforms and continuing the work on structural reform, on which the government is busy for implementation.

He said that the energy sector in the country is very important at this time and energy reforms are going on.

The minister said that at present all the economic indicators are going positive in the country’s economy, which is the proof of the progress of the country’s economy.

He said that agriculture is growing by 5 percent and major crops including wheat and rice have had bumper crops this year.

The minister said that current account surplus is going on in macro economic indicators positive.

Along with this, the Federal Board of Revenue has increased the record federal revenue this year.

He said that inflation has down and reached 17 percent which is decreasing in last one month.

He said that the shares of Pakistan Stock Exchange are increasing and PSX is continuously balancing.

He said that recently Prime Minister Shehbaz Sharif on the side line of World Economic Forum.

It was a successful visit to Saudi Arabia, which opened the way for economic cooperation between the two countries.

Muhammad Aurangzeb said that in the last two weeks, three high-level delegations have been exchanged between Saudi Arabia and Pakistan.

Today, the visit of a delegation of Saudi investors to Pakistan is also a part of paving the way for this economic cooperation.

He said that the government is now moving towards privatization and PIA will also be privatized.

He said that export-led growth, Foreign Direct Investment (FDI) and excess to capital are the priority of the government.

Meanwhile, Commerce Minister Jam Kamal while addressing the forum said that at this time all the focus of the government is on business to business relations.

He said that the government is currently carrying out economic reforms, and is expecting to improve the country’s economy.

He said that the role of the business community in the economic relations between Pakistan and Saudi Arabia is very important at this time and more focus is on negotiations and implementation between the private sector.

Jam Kamal said that the visit of Saudi investors to Pakistan today is important because the private sector of both countries has a special importance in it.

He said that under the leadership of Prime Minister Shehbaz Sharif, Pakistan-Saudi Arabia relations are currently at their peak.

On this occasion, Saudi Assistant Minister Ibrahim Al Mubarak said that Pakistan and Saudi Arabia help each other in development.

Currently, 2 million Pakistanis are working in Saudi Arabia, including doctors, engineers and professors.

He said that currently most of Pakistan is working very hard on Saudi Arabia’s Vision 2030.

He said that Saudi companies are always ready to invest in Pakistan.

Pakistan has resources and potential and Saudi investors will help in the development of Pakistan.

Federal Minister of Petroleum Musadik Malik said in his address on this occasion that Saudi Arabia and Pakistan are partners in each other’s development and today the investors and businessmen of Saudi Arabia have a very important role in the economy of Pakistan.