Finance Minister Aurangzeb unveils Pakistan's plan to tap into the Chinese capital market

Aurangzeb highlights Pakistan's potential to harness economic opportunities through introduction of the Panda bond

SHENZHEN:

Pakistan's Finance Minister Muhammad Aurangzeb has highlighted the country's potential to harness economic opportunities by entering the Chinese capital markets through the introduction of the Panda bond.

He made the statement at the "Pak-China Business Forum" on Wednesday.

A Pakistani delegation that was led by Prime Minister Shehbaz Sharif had arrived in China on Tuesday to attend the forum and discuss opportunities for accessing Chinese capital markets.

As he addressed the forum, the Pakistani finance minister affirmed the prospects of successfully implementing this initiative by following the example of the Egyptian model.

He ensured that the preparatory stages of this initiative are under sway with Pakistan's authorities constantly being in touch with the Chinese regulatory authorities and he promised that the plan would begin initiation in the upcoming fiscal year.

He highlighted this move represents a significant shift in their economic approach under Prime Minister Sharif's leadership.

Aurangzeb also emphasised that agriculture and information technology are key drivers of growth for Pakistan's economy. He attributed the stability of the currency to structural economic changes implemented under Shehbaz Sharif's leadership.

Additionally, Aurangzeb reported a decrease in inflation in May, further demonstrating the country's economic resilience.

He emphasized how the special economic zones (SEZs) will be a crucial pillar in driving export-led growth and how enhancing foreign direct investment (FDI) in the form of business-to-business investments would facilitate joint ventures and experience transfers between both nations.

The conference also underscored increasing foreign investments in Pakistan, signaling growing confidence from international investors. Aurangzeb credited Prime Minister Shehbaz Sharif for driving these economic improvements and fostering a conducive environment for growth and development.