ISLAMABAD: In an acknowledgement of the Pakistani diaspora’s efforts in enhancing bilateral economic relations, Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, commended the community for its crucial role in fostering economic, business, and investment ties between Pakistan and the United States.
During meetings with diaspora leaders, Senator Aurangzeb outlined recent socio-economic advancements in Pakistan and recounted his extensive engagements in Washington DC last week, as detailed in a press release from the Finance Ministry issued on Sunday.
In discussions with Pakistani-American technology entrepreneurs, the minister emphasized the information technology (IT) sector as a rapidly growing area of the economy. He noted that Pakistan is now among the top five nations globally for freelancing, contributing significantly to the country’s increasing export figures. The minister also briefed on various legislative, policy, regulatory, and operational initiatives aimed at enhancing the digital ecosystem.
Expressing satisfaction with the outcomes of his recent diplomatic efforts during the 2024 Annual Meetings, Senator Aurangzeb stressed the necessity of continued reforms. He also met with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), and appreciated the AIIB’s support, particularly in response to the devastating 2022 floods in Pakistan.
Further, the minister recalled discussions with the Peoples Bank of China’s management during his previous visit to China, revealing plans to diversify Pakistan’s financing sources, including the potential issuance of a panda bond backed by a partial credit guarantee from AIIB.
Senator Aurangzeb discussed various strategies to enhance AIIB’s investment in Pakistan, including the reconstruction of the N-5 Grand Trunk Road and support for climate change impact mitigation and disaster preparedness.
The minister welcomed an upcoming visit from the AIIB Vice President of Operations to review and expand ongoing projects and future collaborations. He extended an invitation to President Jin to visit Pakistan, which was accepted, with specific dates to be determined later.
