In a significant step towards enhancing bilateral economic cooperation, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, convened a high-level meeting with Charge d’Affaires Shi Yuanqiang and other senior officials from the Embassy of the People’s Republic of China on Thursday, 8th August 2024.
This meeting underscores the deep-rooted and strategic relationship between Pakistan and China, focusing on sustainable economic growth and mutual prosperity.
During the meeting, Charge d’Affaires Shi Yuanqiang reaffirmed China’s steadfast commitment to supporting Pakistan’s sustainable economic development.
He emphasized that the Chinese Embassy is actively collaborating with various Pakistani departments to ensure the seamless implementation of the agreements made during the Prime Minister’s recent visit to China.
This visit has laid the groundwork for a more robust partnership aimed at fostering economic stability and growth in Pakistan.
Finance Minister Muhammad Aurangzeb warmly welcomed the Chinese delegation, highlighting the strength of the bilateral relationship between the two nations.
He drew attention to several positive developments in Pakistan’s economic landscape, including a notable increase in foreign exchange reserves, a reduction in inflation, and enhanced tax revenue collection.
These achievements reflect the government’s ongoing efforts to stabilize the economy and create a conducive environment for investment.
The Minister also provided an overview of the substantial reforms being implemented across key sectors, particularly in energy, state-owned enterprises (SOEs), and ongoing privatization initiatives.
He stressed the importance of export-led growth and reiterated Pakistan’s commitment to attracting increased foreign direct investment (FDI).
This focus on FDI is seen as a critical driver of long-term economic growth and stability.
Reflecting on his recent visit to China, Aurangzeb expressed his satisfaction with the productive discussions held with Chinese officials.
These talks centered on proposals for enhancing economic cooperation, particularly in areas that would bolster Pakistan’s economic resilience and growth trajectory.
Minister of Power, Sardar Awais Ahmad Khan Leghari, who also attended the meeting, acknowledged the significant Chinese investment in Pakistan’s energy sector.
He noted that the government is actively pursuing a series of reforms aimed at addressing the challenges within this sector, thereby ensuring a more reliable and efficient energy supply for the nation.
The meeting also saw participation from Special Assistant to the Prime Minister on Power, Muhammad Ali, and Minister of State for Finance & Revenue, Ali Pervaiz Malik, who both emphasized the importance of these bilateral engagements in achieving Pakistan’s long-term economic goals.
