Italian Ambassador to Pakistan Marilina Armellin met with Finance Minister Muhammad Aurangzeb today at the Finance Division. The discussion focused on strengthening economic cooperation and longstanding relations between the two countries.
Minister Aurangzeb highlighted the positive developments in Pakistan’s economy. He pointed to achievements such as a reduced current account deficit, a globalized currency, a record-breaking stock market, and the successful completion of the IMF’s nine-month Stand-By Arrangement program. He also mentioned ongoing talks with the IMF for a new, longer-term program.
The Minister further outlined the government’s strategy to broaden the tax base by targeting previously untaxed and under-taxed segments. Additionally, he reiterated their commitment to privatization of state-owned enterprises (SOEs), starting with Pakistan International Airlines (PIA) and followed by major airports.
Minister Aurangzeb emphasized a shift in Pakistan’s economic strategy, moving from reliance on aid to attracting investment. He highlighted the country’s potential in the IT and agriculture sectors, inviting Italian investors to explore these opportunities.
Ambassador Armellin acknowledged Pakistan’s promising economic indicators and expressed appreciation for the upward trajectory of the economy. She pinpointed textile, machinery, agriculture, and dairy sectors as areas ripe for enhanced cooperation between Italy and Pakistan.
This meeting signals a continued focus on strengthening economic ties between Pakistan and Italy. With Pakistan’s improving economic situation and a willingness to attract investment, Italian businesses may find new opportunities for collaboration across various sectors.
