Category: Islamabad

Islamabad: Federal Minister for Economic Affairs, Ahad Cheema on Wednesday chaired a high-level meeting to review inter-ministerial preparations for the upcoming visit of Uzbekistan’s Deputy Prime Minister Jamshid Khodjayev, aimed at further strengthening economic and trade relations between the two countries.

The meeting was attended by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, Secretary Foreign Affairs Amna Baloch, Secretary Commerce Jawad Paul, Secretary Railways, Director General of the National Logistics Corporation (NLC), senior officials of the Ministry of Communications and representatives of other relevant ministries, a news release said.

Participants briefed the minister on progress made regarding the agenda and planned engagements during the visit, while finalizing arrangements to ensure its successful outcome.

The meeting focused on enhancing regional connectivity and trade facilitation, with officials presenting proposals to improve road and rail links, transport corridors and logistics infrastructure between Pakistan and Uzbekistan.

The proposals were aimed at increasing the efficiency and capacity of trade routes, facilitating faster and more cost-effective movement of goods, and promoting greater regional trade integration.

The meeting was informed that a Business-to-Business (B2B) Forum would be held during the visit, with participation of more than 100 Uzbek companies interested in exploring investment, trade and joint venture opportunities in Pakistan.

Officials said agriculture, pharmaceuticals, industry, transport and logistics would remain priority sectors for investment and commercial engagement, with both governments committed to promoting stronger public-private partnerships and expanding economic cooperation.

Expressing satisfaction over the preparations, Ahad Cheema said the visit would mark another important milestone in Pakistan-Uzbekistan relations.

He expressed confidence that the two sides would sign a Five-Year Roadmap for Trade and Economic Cooperation during the visit, providing a comprehensive framework to enhance bilateral trade, investment, connectivity and broader economic collaboration.

The meeting was also informed that consensus had been reached on several Memorandums of Understanding (MoUs) and agreements, which are expected to be signed during the visit to expand cooperation across multiple sectors and create new opportunities for mutual economic growth.

The minister directed all relevant ministries and departments to ensure close coordination and timely completion of all arrangements, stressing that the visit offered a valuable opportunity to deepen economic ties, strengthen regional connectivity, promote investment and unlock the untapped trade potential between Pakistan and Uzbekistan.

Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Wednesday, warned that Pakistan’s future potential could be severely undermined unless the country addresses rapid population growth and climate change, describing both as existential challenges that require sustained policy reforms, institutional coordination and long-term financing.

Addressing the World Population Day 2026 commemorative conference, Aurangzeb said the government’s efforts had evolved from the National Population Stabilisation Plan to the National Population Council, bringing together civil and military leadership, provincial governments and the federation to ensure effective implementation.

“We have known the ‘what’ and the ‘why’ for the longest time. The real question has always been the ‘how’ and the ‘who’,” he said, adding that the council would help deliver results through clear targets, Key Performance Indicators (KPIs) and regular performance reviews.

“You can only deliver what you can measure,” Aurangzeb said, assuring the Health Ministry of the Finance Ministry’s continued support.

He said governments often prepare budgets with short-term priorities in mind, but population growth and climate change demand long-term planning. “If we do not address these two existential issues, then by the time Pakistan completes 100 years in 2047, we are not going to achieve our true potential,” he warned.

Highlighting recent measures, Aurangzeb said the government had removed the sales tax on contraceptives in the federal budget, calling it an important tactical intervention that would improve affordability and produce positive results even in the short term.

He, however, stressed that structural reforms were equally important, particularly the National Finance Commission (NFC) Award formula, where population currently accounts for about 82 percent of resource distribution among provinces.

Calling the existing formula “not sustainable,” he said the population weight in future NFC discussions would have to be reviewed.

On financing, Aurangzeb said budgetary resources alone would not be sufficient. He revealed that the World Bank’s 10-year Country Partnership Framework, signed last year, includes population as one of its three pillars, with a focus on reducing learning poverty-particularly girls out of school-and tackling child stunting.

He said around $600 million to $700 million annually would be available under the framework to finance population-related interventions.

The minister also lauded the nationwide birth-spacing (Waqfa) awareness campaign, describing it as “absolutely brilliant,” and highlighted the media’s role in changing public attitudes. Referring to a recent visit to Karachi, he said he had visited a girls’ school supported by Shehzad Roy’s Zindagi Trust, underscoring the importance of girls’ education.

Drawing lessons from Bangladesh, Iran and Indonesia, Aurangzeb said all three countries reduced their population growth rates to around one percent over 10 to 15 years by focusing on girls’ education, increasing women’s participation in the workforce and securing the support of religious scholars.

Islamabad: The Privatisation Commission (PC) of Pakistan and the Asian Development Bank (ADB) on Wednesday signed the Transaction Advisory Services Agreement (TASA).

Under the agreement, the ADB will serve as the Financial Advisor for the outsourcing of Islamabad International Airport said a press release.

The agreement was signed by Ms. Emma Fan, Country Director, Asian Development Bank, Pakistan Resident Mission, and Shahid Dayo, Director General, Privatisation Commission, on behalf of their respective organizations.

The signing ceremony was witnessed by Adviser to the Prime Minister on Privatisation and Chairman Privatisation Commission, Muhammad Ali; Secretary, Privatisation Commission, Usman Akhter Bajwa; Secretary, Privatisation Division, Hammad Shamimi; Syed Hussain Haider, Deputy Country Director, Asian Development Bank, Pakistan Resident Mission; and senior officials of the Privatisation Commission and the Asian Development Bank.

Under the Agreement, ADB will provide comprehensive transaction advisory services, including technical, financial, legal, environmental, and commercial expertise to support the structuring and implementation of the transaction in accordance with international best practices.

The advisory services will facilitate a transparent, competitive, and market-driven process aimed at attracting leading international airport operators and investors.

The signing of the agreement marks an important milestone in the implementation of the Government’s privatisation programme and reflects its commitment to enhancing the efficiency, service quality, and long-term sustainability of Islamabad International Airport through private sector participation while ensuring transparency, competitiveness, and value for the people of Pakistan.

Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb and Pakistan’s Ambassador to China, Khalil Hashmi on Wednesday reviewed progress on Pakistan-China economic cooperation and discussed measures to attract greater Chinese investment through enhanced business partnerships and financial collaboration.

The Ambassador called on the federal minister here and discussed ways to strengthen business-to-business (B2B) collaboration, particularly for small and medium enterprises (SMEs), by facilitating partnerships with leading Chinese industrial platforms.

The finance minister appreciated Hashmi’s efforts in advancing Pakistan’s economic diplomacy in China and appreciated the embassy’s structured approach to investor engagement, including sector-specific outreach, advance project preparation, and closer coordination between prospective Chinese investors and Pakistani businesses to promote investment opportunities.

He emphasized that attracting quality investment, expanding exports, and promoting private sector collaboration remained central to the Government’s economic agenda.

Aurangzeb appreciated the progress achieved and underscored the importance of translating investment commitments into timely implementation.

He emphasized the need for effective coordination across government institutions to facilitate project execution, enhance investor confidence, and capitalize on emerging opportunities under the Pakistan-China economic partnership.

The discussions also covered expanding cooperation in capital markets, sovereign financing and emerging areas of financial innovation aimed at deepening bilateral economic and financial ties.

Earlier, Ambassador Khalil Hashmi briefed the minister on the embassy’s ongoing engagement with leading Chinese financial institutions and development partners, preparations for future investment roadshows, and opportunities to enhance collaboration with institutions such as the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund in support of private sector investment and infrastructure financing.

The Ambassador briefed the Finance Minister on the progress of investment facilitation initiatived being undertaken by Pakistan’s Embassy in Beijing.

He informed that Memoranda of Understanding (MoUs) valued at over US$ 20 billion had been signed between Pakistani and Chinese entities, supported by a dedicated mechanism to monitor implementation.

He noted that a significant number of these commitments had already progressed into formal agreements and commercial arrangements, reflecting encouraging momentum in bilateral investment cooperation.

Ambassador Hashmi further highlighted growing Chinese private sector interest across manufacturing, logistics, pharmaceuticals, biotechnology, textiles, and industrial services.

He said, nine agreements had recently been concluded in the pharmaceutical and biotechnology sectors, while more than 150 Chinese companies were currently being engaged through the Embassy’s investment facilitation platform.

Progress on major Chinese investments in industrial manufacturing, logistics infrastructure, and export-oriented textile projects currently under implementation in Pakistan was also reviewed.

Ambassador Hashmi also apprised the Finance Minister of efforts to align technical and vocational training with new Chinese investments to help develop the skilled workforce required by emerging industries.

They also reviewed measures to strengthen institutional coordination and further improve investment facilitation between the two countries.

Pakistan’s efforts to deepen economic cooperation under the China-Pakistan Free Trade Agreement (CPFTA) were also review and both sides discussed avenues for expanding exports, promoting value-added manufacturing, improving market access for Pakistani products, and encouraging long-term industrial collaboration between the two countries.

Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Wednesday held talks with British High Commissioner, Jane Marriott on Pakistan’s macroeconomic outlook, ongoing reforms and measures to strengthen bilateral economic and development cooperation.

The minister appreciated the United Kingdom’s continued support for Pakistan’s economic reforms and acknowledged the longstanding partnership between the two countries across a range of sectors, including economic governance, fiscal reforms, climate resilience, public finance, health, and social development, said a press release issued here by finance ministry.

The meeting reviewed Pakistan’s recent macroeconomic progress, including the successful passage of the Federal Budget 2026-27, ongoing fiscal consolidation efforts, and measures aimed at promoting sustainable economic growth while maintaining macroeconomic stability.

Aurangzeb highlighted the government’s commitment to implementing structural reforms, broadening the tax base, improving public financial management, and strengthening investor confidence.

The two sides also exchanged views on Pakistan’s population management and public health initiatives.

The Finance Minister appreciated the United Kingdom’s continued technical support in these areas, particularly its collaboration on population stabilization interventions.

He emphasized the importance of institutionalizing population planning through a coordinated national framework with measurable outcomes, while drawing on international best practices to promote women’s education, workforce participation, and greater public awareness.

He underscored that sustained collaboration in these areas would be critical to improving long-term human development outcomes and supporting Pakistan’s sustainable economic growth. The Finance Minister highlighted the government’s strategy to deepen access to international capital markets and diversify financing sources.

He noted ongoing work on sovereign financing initiatives, including international bond issuances, Sukuk, Panda Bonds, and innovative financing instruments such as the tokenization of sovereign debt, as part of the government’s Medium-Term Debt Management Strategy.

He emphasized that continued engagement with international investors and financial institutions would remain central to Pakistan’s efforts to strengthen its external financing profile.

The meeting also reviewed ongoing reforms within the Federal Board of Revenue. The Finance Minister highlighted the government’s efforts to modernize tax administration through technology-driven, faceless, AI-enabled, and risk-based systems aimed at improving transparency, reducing discretionary intervention, facilitating compliant taxpayers, and enhancing revenue mobilization.

Discussions further covered progress on the government’s broader structural reform agenda, including energy sector reforms, privatization of selected state-owned enterprises, and measures to improve governance, efficiency, and service delivery across public institutions.

Aurangzeb reaffirmed that these reforms were essential to strengthening Pakistan’s long-term economic resilience and improving the ease of doing business.

The High Commissioner welcomed Pakistan’s progress in restoring macroeconomic stability and reiterated the United Kingdom’s continued support for Pakistan’s reform agenda.

Both sides also discussed strengthening cooperation in trade, investment, financial markets, and climate resilience, while underscoring the importance of maintaining close engagement between the two countries’ public and private sectors.

Islamabad: Uzbekistan is accelerating its transition toward a sustainable development model by embedding Environmental, Social, and Governance (ESG) principles into national policy making, positioning the country to strengthen investor confidence, modernize its economy, and improve the quality of life for its citizens.

According to an article by A. Nizamov, head of department at the Institute for Strategic and Regional Studies under the President of the republic of Uzbekistan, issued here by the embassy of Uzbekistan, the country has adopted ESG not merely as a corporate framework but as a comprehensive governance strategy aligned with its long-term development goals.Uzbekistan embraces ESG-driven growth to build a green, inclusive, transparent economy.

Globally, ESG standards have evolved from voluntary commitments into essential benchmarks for evaluating governance quality, environmental responsibility, and economic resilience.

With global ESG assets surpassing an estimated US$ 30 trillion in 2022 and projected to reach US$ 40 trillion by 2030, sustainable finance has become an integral part of the international financial system. The issuance of sustainable bonds, which reached approximately US$ 1.1 trillion in 2025, further reflects this global shift.

Against this backdrop, Uzbekistan has crafted its own sustainable development model tailored to national priorities, including water and energy security, employment generation, social welfare, transparency in governance, and enhanced investment attractiveness. These priorities are being pursued under the Uzbekistan-2030 Strategy and a broader reform agenda led by President Shavkat Mirziyoyev.

A major milestone in this journey came with Cabinet of Ministers Resolution No. 221, adopted on May 4, 2026, which established formal rules for implementing ESG principles, preparing sustainability reports, and disclosing environmental, social, and governance information. The resolution transforms ESG from a broad policy vision into a structured framework for implementation, monitoring, and accountability.

Environmental sustainability remains a cornerstone of Uzbekistan’s reforms. Facing significant challenges such as water scarcity, climate change, and the legacy of the Aral Sea crisis, the government is investing in renewable energy, water-saving technologies, energy efficiency, emissions reduction, waste recycling, and ecosystem restoration. These initiatives aim not only to protect the environment but also to improve economic competitiveness in a world where carbon footprints increasingly influence trade and investment.

The social dimension of the reforms is equally significant. Efforts to reduce poverty, create employment opportunities, empower women, strengthen local communities through mahallas, and improve public services are central to ensuring that the green transition delivers tangible benefits for citizens. The government emphasizes that sustainable development must remain people-centered, balancing environmental objectives with social equity and economic opportunity.

Governance reforms also play a crucial role in Uzbekistan’s ESG strategy. Measures to improve transparency, combat corruption, introduce digital monitoring, and strengthen corporate governance are helping build greater institutional credibility.

By the end of 2025, 17 state-owned enterprises had secured international credit ratings, while seven obtained publicly available ESG ratings, signaling increased openness and adherence to international standards.

Under the new regulations, state-owned enterprises undergoing transformation are required to implement ESG reporting from July 1, 2026, and publish sustainability reports by November 1, 2026, in accordance with internationally recognized disclosure standards.

As global investors increasingly prioritize sustainability and transparency, Uzbekistan believes its integrated ESG approach will enhance economic competitiveness, attract responsible investment, and promote long-term growth. By linking environmental stewardship, social development, and transparent governance, the country aims to establish sustainability not as an external obligation but as the foundation of its future development strategy.