Islamabad: Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has underscored the need to diversify trade and broaden market access between Pakistan and Canada, with a focus on increased collaboration in agriculture and agricultural commodities. He made these remarks during a meeting with Canadian High Commissioner to Pakistan, Tarik Ali Khan, in Islamabad.
According to Radio Pakistan, the meeting centered around bilateral economic relations, trade and investment, and strategies to bolster economic cooperation between the two nations. The Finance Minister briefed the High Commissioner on Pakistan's recent economic developments and the government's dedication to maintaining macroeconomic stability, reinforcing external buffers, and progressing structural reforms. He highlighted that the improvement in Pakistan's sovereign credit profile demonstrated the progress achieved in economic stabilization and reform.
Further, the Finance Minister informed the High Commissioner about the government's recent initiatives aimed at providing relief to citizens amidst current challenges. He pointed out Prime Minister Shehbaz Sharif's three-month fuel relief program, which allocates approximately 75 billion rupees to offer targeted support to eligible consumers.
The conversation also explored strategies to enhance investor confidence and promote increased Canadian investment in Pakistan. The High Commissioner emphasized the need to strengthen investment-related arrangements between the two countries. Both parties agreed on the importance of ongoing engagement to foster a more predictable and supportive environment for investors.
The High Commissioner noted the substantial potential for expanding Canadian business presence in Pakistan, especially given the current limited footprint. Sectors such as mining, agriculture, renewable energy, and others were identified as promising areas for investment and joint ventures.
Discussions also touched upon the export processing zone regime and the operations of a Canadian-linked recycled clothing business. The Finance Minister acknowledged the employment and environmental benefits of such operations and assured that the matter would be addressed with the relevant authorities.
Moreover, the Finance Minister highlighted the government's privatization agenda, including opportunities in the aviation sector, and reiterated Pakistan's interest in attracting credible, long-term international investors and expanding commercial partnerships with Canadian businesses.
The Canadian High Commissioner commended the government's efforts to enhance economic stability and expressed Canada's ongoing interest in expanding trade, investment, and business ties with Pakistan. He stressed the importance of sustained dialogue and increased collaboration between the business communities of both countries.