ISLAMABAD: Finance Minister Muhammad Aurangzeb has said Pakistan is moving its economic policy direction from aid towards trade and investment as the country seeks stronger economic engagement with China, the United States, Gulf states and emerging regional markets.<\/p>\n
In an interview with Channel News Asia in Bangkok on Wednesday, the finance minister said workers\u2019 remittances, which stood at $41.6 billion last year, were expected to increase to $44 billion this year.<\/p>\n
Aurangzeb said Pakistan valued the support of its long-standing partners, especially the Gulf Cooperation Council countries, which had helped the country during difficult economic phases. However, he said the country\u2019s policy focus was now clearly on expanding trade, attracting investment and building durable economic partnerships instead of relying mainly on financial assistance.<\/p>\n
He said Pakistan wanted to deepen economic relations with all major partners while also exploring new markets to raise exports, diversify imports and reduce exposure to uncertainty in the global economy.<\/p>\n
The minister said Islamabad did not view its relations with China and the United States as competing options, adding that Pakistan intended to work closely with both countries.<\/p>\n
\u201cFrom our perspective, we are going to work with both of these partners very closely,\u201d Aurangzeb said. He described China as a long-standing partner and said Pakistan also wanted to broaden economic cooperation with the United States.<\/p>\n
Referring to China, Aurangzeb said the first phase of the China Pakistan Economic Corridor had focused on major infrastructure development, including roads, ports and power plants. He said CPEC was an important part of China\u2019s Belt and Road Initiative.<\/p>\n
He said the second phase of CPEC was now focused on securing greater economic gains from the infrastructure already developed. The new phase, he added, would depend more on business-to-business cooperation, joint ventures and investment by companies.<\/p>\n
According to the finance minister, some joint ventures with Chinese partners are already manufacturing goods for export. The aim, he said, was to convert infrastructure built under the first phase into new business opportunities, higher production and stronger export earnings.<\/p>\n
Aurangzeb also said Pakistan was keen to improve its economic relationship with the United States. He noted that Pakistan\u2019s leadership had good relations with the US administration and wanted to use those ties to advance economic cooperation.<\/p>\n
He identified the United States as Pakistan\u2019s largest trading partner, followed by the European Union. He said the changing global trade environment gave Pakistan an opportunity to look at other markets with strong potential for two-way trade.<\/p>\n
The minister said cooperation among regions was becoming more important as global trade became increasingly divided and countries dealt with the impact of geopolitical tensions. Stronger regional connectivity, he said, could help Pakistan shield its economy from sudden external shocks.<\/p>\n
Pakistan is working to expand economic cooperation with Gulf countries, Central Asian republics and members of the Association of Southeast Asian Nations. Aurangzeb referred to growing contacts with Malaysia and Indonesia, whose leaders have visited Pakistan, while Prime Minister Shehbaz Sharif has also travelled to Malaysia several times.<\/p>\n
Speaking in Thailand, the finance minister said he was scheduled to meet his Thai counterpart, which would provide another chance to discuss regional economic cooperation.<\/p>\n
He said closer ties with Asian markets could help Pakistan find new buyers for its products, identify alternative sources of imports and create broader business opportunities at a time when international trade patterns were shifting.<\/p>\n
Aurangzeb also underlined the importance of Gulf countries for Pakistan in terms of both trade and remittances. He said Pakistan received $41.6 billion in remittances last year and the government expected inflows to reach $44 billion this year.<\/p>\n
Remittances from overseas Pakistanis are a key source of foreign exchange for the country. The minister said Pakistan\u2019s close links with Gulf countries remained important for these inflows as well as for wider economic relations.<\/p>\n
He said global economic challenges could also open new opportunities for countries prepared to broaden their trading relationships. Pakistan, he added, intended to use stronger regional cooperation and wider international partnerships to increase trade, attract investment and make the economy more resilient.<\/p>\n
The finance minister\u2019s remarks indicate the government\u2019s stated objective of moving beyond economic stabilisation towards a model based more on trade, investment and export-oriented production.<\/p>\n","protected":false},"excerpt":{"rendered":"
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