ISLAMABAD (Dunya News) - Finance Minister Muhammad Aurangzeb has said that Pakistan’s remittances are expected to reach 44 billion dollars in the current fiscal year, up from 41.6 billion dollars received last year.
In an interview with News Asia, Aurangzeb said Pakistan was shifting its focus from aid towards trade and investment, while seeking to strengthen global partnerships and expand bilateral economic ties.
He said Pakistan wanted to deepen economic relations with Gulf countries, China, the United States and other longstanding partners. Islamabad intended to advance ties with both China and the US simultaneously rather than viewing its relationship with either country as an alternative to the other.
Describing China as a longstanding partner, the finance minister highlighted the importance of the China-Pakistan Economic Corridor (CPEC), a key component of Beijing’s Belt and Road Initiative.
Aurangzeb said the first phase of CPEC focused on infrastructure development, including roads, ports and power plants. The second phase was aimed at generating greater economic benefits from existing infrastructure, expanding business opportunities and promoting joint investment.
He added that some joint ventures with China were also producing goods for export.
The minister said Pakistan also wanted to expand economic cooperation with the United States, which he described as the country’s largest trading partner. The European Union ranked second, he added.
Aurangzeb said growing divisions in global trade had increased the importance of cooperation among different regions. Pakistan was exploring new opportunities for collaboration with Gulf countries, Central Asian states and members of the Association of Southeast Asian Nations (ASEAN), he said.
Highlighting the importance of remittances and trade in Pakistan’s relations with Gulf countries, the finance minister said the expected increase in remittances would be significant for the country’s economy.
He also said visits by the leadership of Malaysia and Indonesia had helped promote regional engagement, while a meeting with Thailand’s finance minister would provide another opportunity to strengthen economic cooperation.
Aurangzeb said Pakistan valued the support and continued cooperation extended by its longstanding partners during difficult times.