Aurangzeb reaffirms commitment to maintain trust of development partners

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, reiterated Pakistan’s dedication to upholding the trust and confidence of its bilateral and multilateral development partners, including Japan.

The minister made these remarks during a meeting with the Japanese Ambassador to Pakistan, Akamatsu Shuichi, who paid a courtesy visit, as stated in a press release by the finance ministry. Senator Aurangzeb welcomed Ambassador Akamatsu on taking up his diplomatic role in Islamabad and praised Japan’s longstanding partnership with Pakistan.SIFC supporting private companies for development of energy sector

The minister expressed gratitude for Japan’s diplomatic, economic, and technical assistance. He encouraged Japanese investors to explore potential investment opportunities in Pakistan, particularly in the manufacturing and production sectors, which could help increase the country’s exportable goods.

Senator Aurangzeb highlighted the positive trajectory of Pakistan’s macroeconomic stability, attributing it to crucial reforms and structural adjustments across key sectors such as the fiscal framework, taxation, Special Economic Zones (SEZs), energy, federal government downsizing, and privatization initiatives.

He stressed the government’s ongoing commitment to its reform agenda, focusing on critical issues like population growth and climate change vulnerabilities. He also emphasized the importance of the 10-year Country Partnership Framework signed with the World Bank, designed to address these challenges while promoting sustainable and inclusive economic growth.

The minister acknowledged Japan’s valuable contributions and assured the ambassador that Pakistan would continue to engage with Japanese investors, integrating their feedback into the federal budget’s policy framework.

Ambassador Akamatsu commended Pakistan’s progress in achieving macroeconomic stability and appreciated the government’s reform initiatives. He shared insights into the current scope of Japanese investment in Pakistan, noting that around 80 Japanese companies are operating in the country, employing over 65,000 local workers and significantly contributing to the economy.