Key Points:
- Finance Minister outlines Pakistan’s economic priorities and strategic partnerships.
- Highlights trade and investment engagements with Azerbaijan and Russia.
- Focus on macroeconomic stability, digital economy, AI, and investment-led growth.
- Pakistan seeks BRICS engagement (the group of major emerging economies including Brazil, Russia, India, China, and South Africa) and enhanced regional connectivity.
ISLAMABAD: Pakistan is ramping up efforts to strengthen its global economic ties and regional connectivity, aiming to attract sustainable investment and diversify trade routes.
Finance Minister Senator Muhammad Aurangzeb emphasised these priorities during interviews with Azerbaijan’s Report Information Agency (REPORT) and Russia’s RIA Novosti, highlighting the country’s commitment to becoming a reliable and competitive partner in the evolving global economy.
Pakistan seeks to deepen international partnerships, promote investment-led growth, and maintain macroeconomic stability to ensure investor confidence, added.
Highlighting engagements with Azerbaijan, the Finance Minister noted that the country intends to invest close to USD 2 billion in Pakistan, focusing on energy, oil and gas, and minerals and mining. Discussions include potential projects such as an oil pipeline by SOCAR, Azerbaijan’s state-owned oil and gas company. Any financial support is structured to facilitate trade and investment rather than aid, including project-linked financing and central bank placements.
Pakistan’s interest in learning from Azerbaijan’s advances in digital services, AI, fintech, and cybersecurity as part of the nation’s move toward a digital economy.
On regional cooperation, he highlighted the potential of South-South trade and the development of new trade and transport corridors between Pakistan, Central Asia, particularly, Azerbaijan. He also emphasised the role of financial instruments such as guarantees, export credit mechanisms, and Islamic finance tools in supporting bilateral trade and investment.
Regarding Russia, the Finance Minister reiterated Pakistan’s desire to engage with BRICS, the group of major emerging economies including Brazil, Russia, India, China, and South Africa. Pakistan also intends to leverage its membership in the Shanghai Cooperation Organisation for constructive regional economic participation. He also discussed exploring alternative cross-border payment systems and digital assets regulation.
Senator Aurangzeb highlighted the transformative potential of artificial intelligence in agriculture, finance, healthcare, and digital infrastructure, noting benefits for Pakistan’s large freelancer base. He emphasised learning from Russia’s experience in AI application within public finance while maintaining human oversight.
On regional connectivity, he underscored developing trade corridors, including the International North-South Transport Corridor, to strengthen trade flows amid global economic uncertainties. Energy, oil and gas, minerals, mining, and industrial cooperation—including a potential steel plant—were identified as priority areas for collaboration with Russia, with discussions ongoing at the ministerial level.
