KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb has said Pakistan sees huge potential in the Gulf Cooperation Council (GCC) market, as the country plans to double its exports in the next three to five years, according to details of his media interviews shared on Tuesday officially.
The minister and the governor of Pakistan’s central bank, Jameel Ahmad, traveled to Saudi Arabia last Saturday to attend the two-day Alula Conference for Emerging Market Economies 2025, which brought together global financial leaders, including the managing director of the International Monetary Fund, Kristalina Georgieva.
Pakistan has already taken several steps to benefit from the Middle Eastern and Chinese markets, signing memorandums of understanding to ensure business-to-business collaborations and setting up special economic zones to attract foreign investment for greater employment and industrial development.
“Our ambition is that we are roughly about $30 billion plus in terms of exports, and we want to double in the next sort of three to five years,” Aurangzeb said in interviews with Asharq Business and Bloomberg on the sidelines of the Alula Conference in Saudi Arabia.
According to the Pakistan Bureau of Statistics, the country sold $30.7 billion worth of goods in the international market by the end of the last fiscal year in June 2024, showing an 11 percent growth over the $27.7 billion in exports made in 2023.
In the first seven months of the current fiscal year until January, Pakistan’s exports rose 10 percent to $19.6 billion compared with $17.8 billion in the corresponding period a year ago.
The finance minister said his country had progressed in terms of macroeconomic stability in the past 12 to 14 months, pointing out that it was now trying to turn trade and investment into the engines of its economic growth.
“Going forward, I see GCC [Gulf Cooperation Council], where we are sitting right now, we see huge export potential in these markets,” he continued.
The GCC is a regional organization comprising Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Kuwait and Oman.
Pakistan’s fragile economy has shown signs of stability in the past year, with inflation easing to 2.41 percent in January, creating room for the central bank to reduce borrowing rates by a cumulative 1,000 basis points since June to 12 percent to spur growth.
The State Bank of Pakistan expects 2.5 to 3.5 percent growth in the current fiscal year ending in June.
“We want to now consolidate and use this and the fiscal space which is available to prioritize expenditures that can then help our trajectory as we move forward,” said the minister.
Pakistan eyes Gulf market as it aims to double exports in five years — finance minister
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Pakistan eyes Gulf market as it aims to double exports in five years — finance minister
- Pakistan has signed MoUs to ensure business-to-business collaborations with Gulf countries
- Muhammad Aurangzeb Pakistan wants trade, investment to be the engines of economic growth
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
