'Pakistan is open to FDIs from US firms'

Federal Minister for Finance and Revenue Muhammad Aurangzeb said Pakistan is open to foreign direct investment from US firms in its recently opened minerals and mining sectors. He also announced plans to launch the country's first Panda bond, targeting $200-$250 million in the fourth quarter of this year

Speaking to Bloomberg during his visit to the US for the International Monetary Fund (IMF) and World Bank Spring Meetings, Aurangzeb highlighted efforts to deepen trade ties with the US, including increased imports of cotton and soybean, and removing non-tariff barriers, according to a press release issued by finance ministry on Tuesday. "It's a bigger canvas that we are looking at in terms of engaging the US," Aurangzeb said adding "We will constructively engage, and we will have a formal delegation coming in."

The finance minister added that Islamabad is negotiating with the US on the 29% reciprocal tariffs imposed by President Donald Trump. While those levies are on hold until July, Pakistan will send a trade delegation to Washington in the coming months to bridge the trade gap. "We can also look at if there are any issues with respect to non-tariff discussion, whether there any onerous inspections at our end for US products, we can obviously view that," he said.

The US is Pakistan's largest export market, accounting for over $5 billion in exports, while imports from the US total about $2.1 billion.

"What we are looking for is how we get away from a boom and bust cycle which Pakistan has gone through and get on to a sustainable growth path," he said. Aurangzeb said Pakistan plans to tap global capital markets to raise more funds.