Mohsin Siddiqui (Chief Reporter)
The Finance Minister warmly welcomed the Italian Ambassador and highlighted the substantial improvements in Pakistan’s economic landscape. He emphasized the government’s recent achievements, including the reduction of the current account deficit, the globalization of currency, and the stock market reaching an all-time high. Additionally, he mentioned the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) and noted that discussions are ongoing with the IMF for a new long-term program.
Minister Muhammad Aurangzeb outlined several strategic initiatives by the government aimed at broadening the tax base. These efforts target previously untaxed and under-taxed segments, reflecting a commitment to enhance revenue collection. Furthermore, he reiterated the government’s dedication to privatizing various State-Owned Enterprises (SOEs), starting with Pakistan International Airlines (PIA) and extending to major airports. This policy marks a strategic shift from aid to investment, underpinning Pakistan’s broader economic strategy.
The Minister also highlighted Pakistan’s potential in the Information Technology (IT) and agriculture sectors, inviting Italian investors to explore these promising areas. He stressed that these sectors offer substantial opportunities for growth and collaboration, contributing to the overall economic development of Pakistan.
Ambassador Armellin acknowledged the positive economic indicators and appreciated the upward trajectory of Pakistan’s economy. She emphasized the potential for enhanced cooperation between Italy and Pakistan, particularly in the textile, machinery, agriculture, and dairy sectors. The Ambassador’s remarks underscored the mutual benefits of strengthening bilateral economic ties and exploring new avenues for investment and trade.
The Finance Minister expressed gratitude for Italy’s continued support and reaffirmed Pakistan’s commitment to sustaining and enhancing cooperation with Italy. He highlighted the long-standing and cordial relations between the two countries and expressed optimism about the future of bilateral economic collaboration.
The meeting between Ambassador Armellin and Minister Aurangzeb signifies a renewed commitment to fostering economic cooperation and exploring new opportunities for investment. With a focus on sectors such as IT, agriculture, textile, and machinery, both countries stand to benefit from increased trade and investment ties.
Pakistan’s strategic initiatives, aimed at broadening the tax base and privatizing SOEs, reflect a proactive approach to economic management. The engagement with the IMF for a new long-term program further underscores the government’s commitment to sustaining economic growth and stability.
As Pakistan continues to improve its economic indicators and create a favorable environment for investment, the potential for enhanced cooperation with Italy remains significant. The meeting highlighted the shared vision of both nations to strengthen economic ties and explore new frontiers of collaboration, paving the way for a prosperous future.
