Federal Minister for Finance Muhammad Aurangzeb urged UAE businesses to enhance investment activity in Pakistan as the former banker “highlighted Pakistan’s competitive advantages that make it an ideal destination”.
As per a statement released by the Ministry of Finance, Aurangzeb held meetings with foreign investors including Abdulla Bin Lahej, Chairman of Ayana Holding, Mohammed Hilal Bin Tarraf Al Mansoori, Chairman Nad Al Shiba Holding, in Dubai.
“He explored ways to enhance investment activity between the UAE and Pakistan by supporting existing economic partnerships and exploring further diversification to include areas of Information technology, renewable energy, transport and logistics, infrastructure, and real estate development,” read the statement.
During the meeting, the minister highlighted Pakistan’s competitive advantages, making the country an ideal destination for investors seeking high returns and sustainable growth.
Aurangzeb also highlighted the role of the Special Investment Facilitation Council (SIFC) in assisting investors at every stage of their journey, comprehensive support services including market research, regulatory guidance, investment facilitation, and post-investment support, ensuring a smooth experience.
In a separate meeting, Aurangzeb interacted with the senior officials of Mashreq Bank and First Abu Dhabi Bank in Dubai to discuss strengthening of financial and economic cooperation.
“During the meeting, the minister emphasised upon the bankers to reconsider their appetite for arranging financing for the country given significant improvements in economic fundamentals,” read the statement.
Last week, Aurangzeb, during his visit to Washington to attend the World Bank-IMF Spring meetings, invited Saudi Arabia and United Kingdom (UK) to invest in Pakistan.
With the establishment of the SIFC, authorities in Pakistan have ramped up engagements with bilateral partners including the GCC countries, UK, USA, and EU, inviting them to invest in key sectors including agriculture, IT, and mining.
However, for years, Pakistan has struggled to attract international investors.
As per the State Bank of Pakistan (SBP) data, during the first eight months of the ongoing fiscal year, FDI clocked in at a mere $820.6 million, declining by 17.1% year on year. This is a far cry from the level seen in 2007 when its 12-month figure stood at $5.6 billion.
Comments
Comments are closed.