Investment in IT and agri sectors: Govt wants to reengage with Mashreq Bank: Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Monday expressed government’s interest to reengage with Mashreq Bank and highlighted the significant potential of investment in Pakistan’s information technology (IT) and agriculture sectors.

According to Finance Ministry, Ahmed Abdelaal, president and group chief executive officer of Mashreq Bank held a virtual meeting with the finance minister to discuss the economic outlook and explore investment opportunities in Pakistan on Monday.

The GCEO of the bank also discussed the potential areas for investment in Pakistan such as such as infrastructure, energy, technology, agriculture, and SMEs in order to enhance collaboration between Pakistan and the UAE for remittances, trade, finance, and Islamic banking.

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Aurangzeb emphasised the significant potential of Pakistan’s IT and agriculture sectors, calling for increased investment from both local and international stakeholders to drive economic growth.

He reiterated the government’s commitment to providing a stable and conducive business environment, assuring that all necessary measures are being taken to facilitate investments.

The meeting highlighted the strong partnership between Pakistan and Mashreq Bank in promoting sustainable economic development.

The dialogue reflected Pakistan’s commitment to prudent fiscal management, investor-friendly policies, and inclusive growth, marking a positive step forward in enhancing economic collaboration.

Earlier, the minister welcomed Abdelaal and expressed appreciation for Mashreq Bank’s interest in Pakistan’s financial sector and expressed keen interest of the government of Pakistan to re-engage with Mashreq Bank.

The minister provided an overview of the economic outlook of the country and mentioned the recent improvements in the macroeconomic indicators and stability of the currency and financial markets.

Aurangzeb mentioned the economic policies and initiatives of the government, emphasising the ongoing efforts to stabilise the macroeconomic environment and enhance investor’s confidence through key initiatives of the government such as, broadening the tax base, improving the ease of doing business, digitalisation within the Federal Board of Revenue (FBR), the privatisation agenda of the government, and SOEs reforms.

Abdelaal welcomed the policies and initiatives of the government towards improving the investors’ confidence and creating a business-friendly environment in the country. He expressed Mashreq Bank’s interest in deepening its engagement in Pakistan’s financial sector and contributing to the country’s economic development. He also mentioned that Pakistan is among one of the most strategic markets for investment opportunities.

The meeting was also attended by Minister of State Ali Parvez Malik, and senior officers from the Finance Division and State Bank of Pakistan.

Copyright Business Recorder, 2024