FinMin says economy set to grow around 4% this fiscal year
PHOTO: RADIO PAKISTAN
Finance Minister Muhammad Aurangzeb on Tuesday said Pakistan's economic growth will be about four per cent this fiscal year while speaking at the EU-Pakistan High Level Business Forum in Islamabad, according to Radio Pakistan.
He noted that this represents a significant improvement over the previous fiscal year, adding that the country has been consolidating gains in terms of macroeconomic indicators.
Aurangzeb mentioned that our current account surplus was a little over one billion dollars in March this year, expressing satisfaction over IT exports, the positive trajectory of value-added segments, as well as an increase in remittances.
He added that the country’s foreign exchange reserves are expected to reach around $18 billion by the end of June, providing an import cover of three months.
Finance Minister Muhammad Aurangzeb, in his address at the European Union Business Forum, says Pakistan’s economy is moving toward stability, emphasising that sustainable economic growth remains the government’s top priority.@Financegovpk #PakistanTV #PakistanEconomy… pic.twitter.com/NV2WbmHm6Q
Also addressing the forum, Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan underscored that the European Union remains Pakistan’s largest export destination, with the GSP Plus framework playing a pivotal role in expanding market access and improving standards.
Under the GSP+ scheme, eligible countries are required to implement 27 international conventions covering human rights, labour rights, environmental protection, and good governance. In exchange, the European Union reduces import duties to zero on more than two-thirds of the tariff lines applied to its exports. Pakistan is currently one of eight countries that benefit from this scheme.
However, Khan stressed that the future of this partnership lies beyond trade, focusing on investment, technological collaboration, and integration into global value chains.
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He pointed to vast opportunities across sectors, including mining, tourism, renewable energy, agriculture modernisation, pharmaceuticals, logistics, and infrastructure. He particularly emphasised the untapped potential of regions such as Gilgit-Baltistan, Khyber-Pakhtunkhwa and Balochistan, rich in natural resources and investment prospects.
Inviting European partners to explore Pakistan’s tourism sector, he noted the country’s unique blend of natural beauty and cultural heritage, offering high-value investment opportunities.
The forum, scheduled for April 28-29, serves as a major platform to deepen trade and investment cooperation and to bring together a large number of participants, including government representatives, business leaders, and institutional stakeholders from Pakistan and across the EU.