ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Wednesday Pakistan was undertaking structural and financial reforms to create a conducive environment for foreign investment and stabilize the national economy while meeting with a delegation of international investors led by the top JP Morgan official in Pakistan.
Last year, Pakistan set up the Special Investment Facilitation Council, a hybrid civil-military body, to encourage international businesses to explore opportunities in the country by streamlining investment procedures amid prolonged economic challenges.
The finance minister briefed the visiting delegation about Pakistan’s improving macroeconomic indicators, including a 14 percent rise in exports, a decline in inflation to 9.6 percent and an overall decrease in the current account deficit.
He also pointed out the improvement in Pakistan’s sovereign credit ratings, saying they reflected a stable and promising economic outlook.
“The country’s economic growth is underpinned by robust fiscal discipline, inflation management, and a favorable balance of payments,” he told the delegation, according to an official statement.
He informed the government was also trying to broaden the tax base, cut down the public sector size and proceed with the privatization drive.
“These reforms are designed to create a more conducive environment for foreign investment and to ensure the long-term stability of the economy,” he added.
The visiting delegation discussed a range of potential investment areas, including renewable energy, information technology, infrastructure development and the financial sector.
They maintained that Pakistani market had immense potential, adding the strategic location of the country made it a gateway to regional markets where foreign investors were eager to explore opportunities.
The foreign minister welcomed the delegation’s interest in investing in Pakistan and assured its members of the government full support.
