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Finance Minister Muhammad Aurangzeb participated in a group discussion with the Finance, Economic, and Development Ministers of the UAE, Egypt, Jordan, Morocco, and other countries of Gulf Cooperation Council in AlUla city of Saudi Arabia.
Reprotedly, Finance Minister Muhammad Aurangzeb participated in a group discussion with the Finance, Economic, and Development Ministers of the UAE, Egypt, Jordan, Morocco, and other countries of Gulf Cooperation Council in Alula City Saudi Arabia.
The group discussion was held on the sidelines of the Emerging Markets Conference.
Muhammad Aurangzeb acknowledged the Kingdom’s progress under Vision 2030 as a valuable model,in an interview with Arab News during the AlUla Conference for Emerging Market Economies,he emphasized that Saudi Arabia’s leadership in economic reforms offers important lessons for Pakistan as it embarks on its own structural changes.
“Pakistan and the Kingdom of Saudi Arabia have been long-standing partners, one of the strongest partnerships that we have,” Aurangzeb said.
“As we go through our own structural reforms at this point in time, on the back of the macroeconomic stability that we have achieved, there’s a lot to learn from Vision 2030,” the minister said.
He also stated that the Kingdom is well ahead of its targets of Vision 2030, “so there’s so much to learn in Pakistan from our partners in Saudi Arabia.”
The finance minister also emphasized the increasing Saudi investments in Pakistan, particularly in the business-to-business sector. He highlighted recent advancements, including Saudi Aramco’s entry into the downstream petroleum industry and ongoing discussions on government-to-government agreements.
“We’ve already had a few investments coming through from Saudi Arabia in the B2B space, and then of course, we have just seen Aramco coming into downstream, so these are all very, very good investments,” Aurangzeb said.
“There are a number of G2G transactions which are underway at this point in time to be announced later in the year”, he added.
Aurangzeb highlighted the potential for boosting exports from Pakistan to Saudi Arabia, especially in the skilled labor sector.
He noted that this aligns with the Kingdom’s expanding workforce needs as it progresses toward its Vision 2030 objectives.
The minister added: “Meanwhile, we remain grateful for the support that we have received from Saudi Arabia, especially concerning our IMF program.”
It is worth mentioning here that Finance Minister Muhammad Aurangzeb applauded the conference as it serves as an important multilateral platform to discuss economic resilience and cooperation among emerging economies.
