ISLAMABAD, June 3 (Alliance News): Finance Minister Senator Muhammad Aurangzeb reaffirmed Pakistan’s strong commitment to enhancing economic cooperation under the Shanghai Cooperation Organization (SCO) during a virtual address at the SCO Finance Ministers and Central Bank Governors meeting held Tuesday in Beijing.
Senator Aurangzeb highlighted the SCO’s importance as a vital regional platform for promoting prosperity, sustainable development, and stability.
He thanked the Chinese government for hosting the high-level session and emphasized Pakistan’s deep engagement with SCO initiatives.
Reiterating Pakistan’s adherence to the SCO Charter and the principles of the “Shanghai Spirit,” the minister underscored the need for increased trade, investment, and financial cooperation among member states.
He backed proposals for joint projects, technology transfer, and capacity-building to strengthen economic ties.
He stressed the growing role of the digital economy and financial inclusion in ensuring equitable development, noting Pakistan’s active use of digital tools to boost growth. He also called for collective efforts to confront global challenges such as economic slowdowns, inequality, and climate change.
Senator Aurangzeb strongly supported the proposed creation of an SCO Development Bank, describing it as a transformative step for financing infrastructure and promoting economic integration across the region. He expressed Pakistan’s hope that the institution would focus on innovation, digital finance, fintech, and green financial practices.
The minister also endorsed efforts to strengthen transport, energy, and digital infrastructure across the SCO region and welcomed the activation of the SCO Network of Financial Think Tanks. He expressed confidence that the network could become a major hub for policy research and strategic planning.
Sharing Pakistan’s domestic achievements, Senator Aurangzeb highlighted reforms aimed at fiscal discipline, stabilizing the currency, reducing the current account deficit, and restoring investor confidence.
During the session, China’s Finance Minister and the Governor of the People’s Bank of China praised Pakistan’s economic progress and commended the government’s commitment to regional cooperation through the SCO.
