- Pakistan reaffirms the commitment to regional cooperation under the OCS.
- Aurangzeb supports the SCO development bank to finance infrastructure.
- Underlines the JV, trade, technological transfers, to deepen collaboration.
Islamabad: The Minister of Finance, Senator Muhammad Aurangzeb, reaffirmed Pakistan’s commitment to work with the members of the Shanghai Cooperation Organization (SCO) to stimulate regional, stability and sustainable growth on Tuesday.
He expressed these opinions during a virtual allowance at the meeting of finance ministers and governors of the Central Bank of OCS Member States, held in Beijing, China.
Extending its gratitude to the Chinese government for welcoming the high -level rally, the financial tsar stressed the importance of Pakistan’s belonging to the OCS.
He described the organization as a vital platform to promote regional cooperation and strengthen economic ties between member countries.
Aurangzeb reiterated Pakistan’s firm commitment to the SCO charter and the principles of “the spirit of Shanghai” as guiding the principles to advance collaboration in the region.
He recognized the growing role of SCO in the exploration of new paths for regional development and reiterated the determination of Pakistan to strengthen economic cooperation within the framework of the SCO.
Senator Aurangzeb also praised the organization for its immense contribution to the promotion of trade, investment and financial cooperation while strengthening regional stability and prosperity.
Supporting proposals to increase joint projects, technology transfer and capacity building programs, he underlined the need for more in -depth collaboration between the Member States.
He also underlined the essential role of the digital economy and financial inclusion in the conduct of fair development, highlighting the active use of digital technologies by Pakistan to promote economic growth and prosperity.
The Minister of Finance urged collective responses to global challenges such as economic slowdowns, widening of inequality and climate change.
Stressing the infrastructure as an engine of regional integration and economic development, Senator Aurangzeb supported initiatives aimed at improving transport, energy and digital connectivity in the OCS region.
He expressed solid support for the proposed creation of an OCS development bank, qualifying it as a transforming step for financing infrastructure and development projects while improving regional integration and economic synergy.
Stressing Pakistan’s point of view on the technical dimensions of the proposed bank, the finish has expressed its hope that the institution would favor innovation, digital finance, fintech solutions and environmentally friendly financial practices.
He also welcomed the proposal to activate the SCO network of financial reflection groups, expressing optimism that he could become a research platform, policies analysis and strategic planning in the field of financial cooperation.
He underlined the complete economic reforms enterprises in Pakistan, in particular to strengthen budgetary discipline, improve key macroeconomic indicators, reduce the deficit in the current account, stabilize money and increase investor confidence.
Earlier, in their speeches, the Chinese Minister of Finance and the Governor of Banque Populaire de China recognized the economic progress of Pakistan and congratulated the government for having succeeded in continuing stability and reforms, congratulating its commitment to regional economic integration through the SCO platform.