Pakistani finance minister of Al -Sharq: an increasing interest for regional commercial corridors in the coming period

Pakistani Finance Minister Mohamed Orenquet said trade and investment play an important role in supporting growth, and that regional commercial corridors will gain increasing importance in the coming period, and notice in an interview with ‘Al Sharq’ that Pakistan pays special attention to the Chinese ‘belt’ initiative. The new Pakistani government wants to pump renewed momentum into projects that fall under the Chinese belt and road initiative, in an effort to revive the country’s struggling economy. The Minister of Planning, Development and Special Initiatives Pakistani revealed the best Iqbal that the country in South Asia is looking forward to joint projects in the field of renewable energy, agricultural cooperation and perhaps attract some Chinese businesses to move to Pakistan. Also read: Pakistan wants to revive the Belt and Road Initiative projects with China, Pakistan has large export capabilities, especially in the sectors of mining, agricultural and information services, according to orings, and notes that the volume of the Pakistan is currently 30 billion, and that there is a plan to increase this number significantly. In the interview, the minister pointed out the sidelines of his participation in the ‘Al -Aula Conference for Emerging Market Economies’, that the government has succeeded in reducing inflation rates and interest rates, raising foreign exchange reserves and stabilizing the price of the currency, because it will privatize the government agencies. He added that his country has made great progress over the past 14 months in achieving total economic stability, and he wants to benefit from this stability to improve structural reforms, especially in the field of tax, energy and government companies. Last June, the Pakistani central bank lowered the four -year record interest rate over four years, after consumer prices fell. It came with the slowdown of inflation more than expected in May, as it contributed to reducing pressure on treasury effects and making debt obligations cheaper. Read more: Pakistan is lowering interest rates for the first time in four years a new strategy for Growth in Pakistan on a government reduction strategy to reduce costs, Orentev explained that the government’s focus is to ensure sustainable growth through manner of public finances, and avoid the double deficit the country has had in the past. He pointed out that his country has reached a surplus in the current and capitalist account, and is now trying to improve this surplus and use it effectively to determine the priorities of spending that support future economic targets. This comes because Pakistan wants to obtain the approval of the International Monetary Fund as it is ready to propose a plan aimed at increasing economic growth after achieving financial stability. Prime Minister Shahbaz Sherif, Director General of the Fund Crystalina Gorgieva, informed that companies were suffering from high taxes and energy costs, which needed facilities, adding that Gorgieva’s response was ‘very positive’. He emphasized that Pakistan focuses on the development of its traditional value -added sectors, such as the textile industry, as well as improving exports in new fields such as information technology as it has the third largest world group of digital service providers. He added that the government is working to develop a supportive environment for these sectors, contributing to the diversification of the economy and improving Pakistan’s ability to achieve sustainable export growth. The Minister of Investment with Saudi Arabia and the UAE regarding the role of Pakistan in regional investment projects indicated that the forum was seen in the in -depth discussions on ways to improve emerging economies through joint collaboration. He pointed out that his country is working with its regional partners to increase the amount of investments because it enjoys strong relations with Saudi Arabia, and expects to increase investments with the kingdom this year, as was significant investments between Pakistani and Saudi enterprises in the oil sector last year. Pakistan and Saudi Arabia have announced their dedication to accelerating the first wave of an investment package of $ 5 billion, at the meeting of Pakistani Premier Muhammad Shahbaz Sharif, Saudi Krone Prince Mohammed Bin in April. Orenquet also pointed to increasing collaboration with the Emirates, suggesting that the Pakistani Prime Minister was done to the Pakistani Prime Minister to Abu Dhabi last week, where new investment opportunities were discussed. He expressed optimism that 2025 would be a promising year in terms of trade and investments between Pakistan and the countries of the region. Pakistan wants to expand its investment and commercial partnerships at regional and international level, focusing on strengthening relations with the wave states, and more collaboration in infrastructure and important projects that increase joint economic integration, according to Orencup.