KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Tuesday called for leveraging Islamabad’s “strong” relationships with Saudi Arabia, UAE, China and the US for greater trade and investment flows to ensure sustainable economic growth.
Pakistan has attempted to translate its historic fraternal ties with Gulf countries and regional allies such as China, Saudi Arabia and the UAE into profitable trade and investment opportunities. Last month, Pakistan and Saudi Arabia agreed to launch an Economic Cooperation Framework to strengthen trade and investment ties, following Prime Minister Shehbaz Sharif’s meeting with Saudi Crown Prince Mohammed bin Salman on the sidelines of the Future Investment Initiative summit in Riyadh.
Saudi Arabia, China and the UAE have frequently bailed Pakistan out of its economic crisis over the years through financial guarantees to the International Monetary Fund, rolling over loans worth billions of dollars and providing the South Asian country oil on deferred payments.
However, Prime Minister Shehbaz Sharif has signaled his government’s intent in recent years to transform these fraternal ties into “mutually beneficial” partnerships as Islamabad attempts to escape a prolonged macroeconomic crisis.
“Our traditional partners who have helped us through thick and thin, through ups and downs whether it’s China, whether it’s US, the GCC in general, Saudi Arabia and UAE in particular, we find ourselves in that spot that we can now leverage, and we should leverage in terms of these relationships which have been strong for the longest time, to move from G2G discussions to trade and investment flows into the country,” Aurangzeb said.
The finance minister was speaking to participants of the four-day Pakistan International Maritime Expo and Conference (PIMEC) in Karachi. The global exhibition’s second edition will run from Nov. 3 to 6 and will feature 178 exhibitors — including 28 international firms and 150 local organizations — as well as 133 delegates from Europe, Asia, the Middle East, North and South America.
Speaking about blue economy, Aurangzeb described it as a “game changer” for Pakistan’s future growth, underscoring its potential to reach $100 billion by 2047. He reaffirmed the government’s commitment to policy continuity, investment facilitation and sustainable maritime development.
The minister noted that Pakistan’s maritime sector currently contributes only around 0.4 to 0.5 percent to the national GDP, approximately $1 billion. However, he said it holds “vast potential” for expansion.
Aurangzeb underlined the importance of enhancing fisheries and aquaculture through value-added processing, modern cold-chain logistics and international-standard hygiene practices. He expressed confidence that Pakistan’s seafood exports, currently around $500 million, could increase to USD 2 billion within the next three to four years under the National Fisheries and Aquaculture Policy.
