Washington: The Embassy of Pakistan in Washington DC recently hosted a significant economic dialogue alongside the IMF and World Bank Spring Meetings, focusing on Pakistan’s economic prospects. The gathering drew Pakistan’s economic leaders, global financial institutions, and U.S. corporate representatives.
Finance Minister Senator Muhammad Aurangzeb delivered a keynote address, emphasizing the private sector’s crucial role in shaping Pakistan’s economic future. He stressed that the government’s function is to create policy frameworks and maintain consistency, describing this as a substantial “mindset and societal change.” Aurangzeb likened the shift to the transformative impact of artificial intelligence.
The Finance Minister engaged in a candid discussion, addressing questions about the ease of doing business and the government’s steadfast commitment to reforms. He pinpointed population growth and climate change as pressing challenges, advocating for private-sector collaboration to address these issues through projects that leverage available financing and expertise. Aurangzeb reiterated the Prime Minister’s vision of operating Pakistan as “Pakistan Inc.,” with the government facilitating investors.
Ambassador Rizwan Saeed Sheikh, in his opening remarks, highlighted Pakistan’s strategic significance as a market of 250 million people and a gateway to Central Asia, China, the GCC, and Afro-Asian regions. He noted Pakistan’s economic achievements and strengths in the IT sector and mineral resources, announcing plans for ongoing events to bolster U.S.-Pakistan business relations.
Executives from various sectors shared their perspectives. Amir Ibrahim, CEO of Jazz, praised Pakistan’s economic stabilization and the company’s digital transformation. Christos Harpantidis of Philip Morris cited economic stability and predictability as reasons for the company’s $800 million investment in Pakistan. Husnain Aslam, CEO of TRG, emphasized the potential to scale IT exports significantly, given Pakistan’s telecom infrastructure and young talent.
World Bank Vice President Martin Raiser applauded Pakistan’s fiscal, energy, and exchange rate reforms, calling for increased investment and growth. The World Bank’s 10-year, $40 billion Country Partnership Framework was reaffirmed as support for Pakistan’s development.
IMF Executive Director Bahadur Bijani commended Pakistan’s policy consistency and leadership, highlighting record-low inflation and currency stabilization. He praised the leadership of Finance Minister Aurangzeb and other key officials.
Charles Freeman of the U.S. Chamber of Commerce announced an upcoming delegation visit to Pakistan, the first in seven years, citing the country’s renewed stability and transparency. The Finance Minister later interacted with corporate leaders, addressing queries about investment potential in Pakistan.