ISLAMABAD (Commerce Desk): Federal Finance Minister Muhammad Aurangzeb has said Pakistan is moving away from dependence on financial assistance and focusing instead on promoting trade and investment, while strengthening economic ties with international partners remains a key government priority.
In an interview with foreign media, Muhammad Aurangzeb said Pakistan was focused on expanding trade and economic relations with Gulf countries, the United States and China. He also appreciated the continued support of partner countries.
According to the finance minister, remittances from overseas Pakistanis totalled $41.6 billion during the previous fiscal year and are expected to rise to $44 billion in the current fiscal year. He said relations with Gulf countries were particularly important in terms of trade and remittances.
Muhammad Aurangzeb said Pakistan was pursuing stronger relations with both China and the United States simultaneously. He described China as a longstanding partner and the China-Pakistan Economic Corridor (CPEC) as a major economic project for the country.
He emphasised that the central objective of Pakistan’s economic strategy was to expand trade and investment opportunities rather than rely on financial aid.
The federal minister explained that the first phase of CPEC focused on developing infrastructure, including roads, ports and power plants. The second phase, he said, is centred on deriving economic benefits from the existing infrastructure, promoting business activities and creating new investment opportunities.