In a move to strengthen economic ties and attract further investment, Finance Minister Muhammad Aurangzeb held a virtual meeting with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, to discuss Pakistan’s economic trajectory and explore potential investment opportunities. The meeting, which took place on Thursday, also included the presence of Minister of State Ali Parvez Malik, Secretary Finance, and other senior officials from the Finance Division.
Senator Aurangzeb began the meeting by warmly welcoming Dr. Chilwan and expressing his appreciation for Dubai Islamic Bank’s ongoing commitment to Pakistan’s financial sector. The finance minister emphasized the government’s dedication to fostering strong relationships with international partners, particularly in the domain of Islamic banking. He conveyed his optimism about future collaborations with Dubai Islamic Bank, underscoring the importance of economic cooperation between Pakistan and the UAE.
During the meeting, Finance Minister Aurangzeb provided an in-depth overview of Pakistan’s current economic scenario. He outlined the progress made in stabilizing the economy, which had been affected by multiple challenges, including the global pandemic, inflationary pressures, and external debt burdens. The finance minister highlighted key initiatives that the government has implemented to ensure a sustainable economic environment conducive to business growth and investment.
The government has been working on widening the tax net by bringing more individuals and businesses into the formal economy. This has been a key step towards increasing revenue and reducing fiscal deficits.Pakistan has introduced several reforms aimed at improving the ease of doing business in the country. These reforms focus on simplifying business regulations, reducing bureaucratic hurdles, and encouraging both domestic and foreign investment.
The government has made significant strides in digitalizing the FBR, which has led to increased transparency, improved tax collection, and more efficient operations.The finance minister also discussed ongoing reforms and restructuring within state-owned enterprises. These measures aim to improve the operational efficiency of SOEs and reduce the financial burden they place on the national budget.
Pakistan’s privatization efforts have been directed towards attracting foreign investment in key sectors, which will help generate revenue and enhance productivity in various industries.These initiatives, according to Senator Aurangzeb, reflect the government’s commitment to creating a business-friendly environment in Pakistan that would appeal to international investors like Dubai Islamic Bank.
Dr. Adnan Chilwan expressed his appreciation for Pakistan’s economic policies and the initiatives taken by the government. He emphasized that Pakistan remains a strategically important market for Dubai Islamic Bank, particularly due to its growing focus on Islamic finance.
Dr. Chilwan reiterated Dubai Islamic Bank’s interest in playing a more significant role in Pakistan’s financial sector, particularly in Islamic banking, infrastructure development, and the promotion of small and medium-sized enterprises (SMEs). The bank’s commitment to these sectors aligns with Pakistan’s broader economic goals of fostering financial inclusion, developing key infrastructure projects, and supporting the growth of SMEs, which are vital for job creation and economic stability.
The Dubai Islamic Bank CEO acknowledged the progress Pakistan has made in stabilizing its economy and highlighted the bank’s intention to further expand its operations in the country. This expansion would not only benefit Pakistan’s financial sector but also contribute to the overall economic development of the country.
During the meeting, Finance Minister Aurangzeb invited Dubai Islamic Bank to enhance its investment in Pakistan. He reaffirmed the government’s dedication to maintaining a stable macroeconomic environment and ensuring that all necessary measures are in place to facilitate foreign investment.
The minister highlighted the importance of fostering partnerships between the government and international financial institutions like Dubai Islamic Bank. Such collaborations, he noted, would play a crucial role in driving economic growth, creating jobs, and promoting sustainable development across the country.
Dr. Chilwan expressed interest in exploring further investment opportunities in Pakistan, particularly in sectors like infrastructure development and Islamic finance. He emphasized the potential for Dubai Islamic Bank to contribute to Pakistan’s economic growth by providing financing for major projects and supporting the development of new financial products tailored to the needs of the Pakistani market.
The discussion underscored the importance of strengthening economic cooperation between Pakistan and Dubai Islamic Bank. Both parties recognized the need for closer collaboration to achieve shared economic goals. This collaboration would not only boost Pakistan’s financial sector but also contribute to the broader goal of enhancing economic ties between Pakistan and the UAE.
The meeting concluded on a positive note, with both sides expressing their commitment to fostering sustainable economic development and further deepening financial ties. The finance minister emphasized that the government would continue to work closely with Dubai Islamic Bank to ensure that Pakistan remains an attractive destination for foreign investment.
