ISLAMABAD (Commerce Desk): Federal Finance Minister Muhammad Aurangzeb has said Pakistan is reducing its reliance on financial assistance and shifting towards trade and investment, while the government is working to strengthen relations with international partners and expand bilateral economic cooperation.
In an interview with News Asia Channel, the finance minister said Pakistan wanted to further strengthen economic ties with Gulf countries, China, the United States and other longstanding partners. He explained that relations with China and the United States were not being treated as alternatives to each other, as Pakistan was pursuing stronger ties with both simultaneously. China is a longstanding partner of Pakistan, and the China-Pakistan Economic Corridor (CPEC) is an important component of the Belt and Road Initiative.
Muhammad Aurangzeb said the first phase of CPEC focused on infrastructure development, including roads, ports and power plants. The second phase is aimed at generating economic benefits from this infrastructure, expanding business activities and promoting joint investment. He added that some joint ventures with China were also producing goods for export markets.
The finance minister said Pakistan also wanted to expand its economic relations with the United States. He noted that the Pakistani leadership’s good relations with the US administration would be used to promote greater economic cooperation. According to him, the United States is Pakistan’s largest trading partner, while the European Union ranks second.
He said growing divisions in global trade had increased the importance of cooperation between different regions. Pakistan is exploring new opportunities for collaboration with Gulf countries, Central Asian states and members of the Association of Southeast Asian Nations (ASEAN).
According to Muhammad Aurangzeb, Pakistan received $41.6 billion in remittances from overseas Pakistanis during the previous fiscal year. This amount is expected to rise to $44 billion in the current fiscal year. He stressed that relations with Gulf countries were important for both trade and remittances.
The federal minister further said that visits to Pakistan by the leadership of Malaysia and Indonesia had helped promote regional ties. A meeting with Thailand’s finance minister would also provide an opportunity to strengthen economic cooperation.
He added that Pakistan valued the assistance and continued support of its longstanding partners during difficult times.