London: Finance Minister Muhammad Aurangzeb has articulated Pakistan’s commitment to economic transformation and openness to business and investment during a meeting with leading global investors in London.

According to Radio Pakistan, the Finance Minister provided a detailed overview of Pakistan’s economic recovery and reform agenda. He highlighted key achievements, such as a primary budget surplus of 3.6 trillion rupees, a current account surplus, reduced inflation to 0.3 percent, and a decrease in the debt-to-GDP ratio from 75 percent to 65 percent. These indicators have stabilized the economy and improved sovereign credit ratings, bolstering confidence among multilateral and bilateral partners.

Aurangzeb emphasized the government’s focus on shifting from a consumption-led to an export- and productivity-led growth model. He outlined new tax reforms targeting real estate, wholesale, retail, and agriculture sectors, with an emphasis on digitalizing the tax authority to reduce human discretion and corruption. Additionally, he discussed a sectoral diversification strategy, highlighting a landmark copper agreement expected to contribute 2.8 billion dollars annually to exports by 2028, and plans to issue a Panda bond as part of an active debt management strategy.

During the meeting, global investor Oliver Williams expressed interest in Pakistan’s bond issuance plans, while Maud Le Moine of Lion’s Head Global Partners offered technical support to enhance Pakistan’s investor communications and credit rating engagement.

The Finance Minister also met with senior representatives of British American Tobacco in London to address concerns about illicit trade and counterfeit tobacco products. The company highlighted that high excise duties incentivize illicit operators, affecting the formal market and reducing tax revenues. They proposed a predictable duty scheme to curb illicit trade and enhance regulatory oversight, a suggestion Aurangzeb acknowledged and promised to review in the upcoming federal budget process.

Aurangzeb reiterated the government’s dedication to revenue mobilization, sector formalization, and enforcement against illicit trade, guided by fairness, efficiency, and economic inclusion principles.