Islamabad: Agriculture and information technology are now recognized as the pivotal industries supporting Pakistan’s economy, as stated by Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue. During a recent meeting focused on enhancing commodity market functions, the minister underscored the importance of these sectors, particularly agriculture, which has shown significant growth and contributes robustly to the nation’s GDP.

According to Ministry of Finance announcement issued on 10 September 2024, Senator Aurangzeb engaged in discussions with Mr. Kevin Piccoli, Deputy Director in the Office of International Affairs at the US Commodity Future Trading Commission (CFTC), alongside other prominent figures such as Chairman SECP Mr. Akif Saeed and senior officials from both the Finance Division and the US Embassy in Pakistan. The meeting primarily revolved around the agricultural commodities market and collaborative efforts between SECP and CFTC to facilitate capacity-building training sessions. These sessions are aimed at developing a well-regulated and effective commodities futures market in Pakistan.

During the discussions, Senator Aurangzeb emphasized the critical role of agriculture in the national economy, noting its substantial contribution to Pakistan’s GDP. He shared that in the fiscal year 2024, the economy grew by 2.38%, with agriculture being a significant driver of this growth, marking a 6.25% increase, bolstered by double-digit growth in the output of major crops.

The senator also highlighted the importance of the information technology sector, acknowledging its growth driven by domestic factors and its potential as a stabilizing force in the economy due to its export capabilities. The meeting reflects a strategic direction towards enhancing the structural foundations of Pakistan’s economy through focused development in key sectors.