Aurangzeb seeks strengthened ties with Saudi Arabia and Qatar at Davos

DAVOS: Finance Minister Muhammad Aurangzeb conducted separate meetings with the finance ministers of Saudi Arabia and Qatar, providing updates on Pakistan’s recent improvements in international credit ratings and economic advancements.

During his meeting with Mohammed bin Abdullah Al-Jadaan, the Saudi Finance Minister, Aurangzeb emphasised key reform measures implemented by the government.

The two ministers exchanged insights on regional economic development, as well as bilateral investment and financial collaboration. This meeting occurred on the sidelines of the World Economic Forum (WEF) summit, held from January 20-24, under the theme, ‘Collaboration for the Intelligent Age.’

Aurangzeb briefed his Saudi counterpart on structural reforms, fiscal discipline, and regulatory enhancements that have contributed to a better investment climate in Pakistan, as reported by Radio Pakistan.

Also read: Tackling debt and deficits key to Pakistan’s growth: Aurangzeb

Both sides reaffirmed their dedication to further strengthening economic and financial ties for mutual prosperity.

Pakistan and Saudi Arabia have maintained a close partnership, having signed 34 agreements worth $2.8 billion in October of last year. The Kingdom hosts over 2.7 million Pakistani expatriates, making it Pakistan’s top source of remittances, crucial for the economically strained South Asian nation.

In a separate meeting, Aurangzeb met with Qatar’s Finance Minister, Ali Ahmed Al Kuwari, to discuss Pakistan’s recent economic progress and improved international financial ratings. The two ministers explored opportunities for enhancing economic and investment cooperation between their countries.

Additionally, Aurangzeb served as the chief guest at a lunch organized by the Pathfinder Group at the Pakistan Pavilion, focusing on “Investment in Pakistan,” during the WEF Annual Meeting.

In his speech, he highlighted the initiatives taken to bolster Pakistan’s macroeconomic stability and emphasized the nation’s investment potential. Olivier Schwab, Managing Director of the World Economic Forum, was also a speaker at this event.

Also read: Pakistan secures $1 bln loan from two Middle Eastern banks

On the sidelines of the WEF Annual Meeting, Aurangzeb engaged in a discussion with Ms. Anita Zaidi, President of Gender Equality at the Bill and Melinda Gates Foundation.

They talked about collaborative efforts to improve nutrition, health, and eradicate polio. The minister informed the foundation about the government’s commitment to advancing these crucial health initiatives and its partnership with the foundation.