KARACHI: Deutsche Bank is seeking to expand its banking business and deepen its exposure to Pakistan, the Pakistani finance ministry said on Wednesday.

The development comes at a time when the South Asian nation has stepped up its efforts to attract foreign investment and strengthen its relations with global financial institutions in infrastructure, energy, oil and gas, utilities, mining and minerals, technology and blockchain, and other productive sectors.

Finance Minister Muhammad Aurangzeb met with Jamal Al Kishi, Deutsche Bank's Regional CEO for Middle East & Africa, and discussed Pakistan’s economic outlook and avenues for greater engagement, underscoring the importance of strengthening private-sector participation and facilitating greater engagement by Saudi-based multinational companies.

"Mr. Al Kishi reaffirmed Deutsche Bank’s long-term commitment to Pakistan and expressed interest in broadening the Bank’s product offering and coverage across corporate banking and investment banking," the Pakistani finance ministry said.

"He noted the Bank’s interest in developing a broader appetite for Pakistani exposure and further strengthening its presence in the country. He also highlighted opportunities to support greater engagement with MENA (Middle East and North Africa) region, particularly Saudi-based companies, and explore investment and financing opportunities across key sectors."

On external financing, Aurangzeb outlined Pakistan’s medium-term strategy, including efforts to manage and diversify the composition of the country’s external debt and deepen engagement with international capital markets and financial institutions, according to his ministry.

He highlighted the fiscal space created through ongoing reforms and stressed the importance of expanding access to diversified sources of external financing.

"Al Kishi congratulated the Finance Minister and his team on the progress achieved over the past two years, particularly in fiscal consolidation, balance of payments, exports and remittances. He appreciated the improvements and expressed confidence that these developments provided a strong foundation for more sustainable and well-grounded economic progress," the finance ministry said.

"The Finance Minister welcomed Deutsche Bank’s continued engagement and appreciated its support for Pakistan. He emphasized the importance of sustained collaboration with international financial institutions and private-sector partners to mobilize investment, deepen financial markets and support Pakistan’s long-term economic growth."