KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb has said that measures are being taken to attract greater international investment to Pakistan, highlighting emerging investor interest in mining and minerals, technology, agriculture, oil and gas, refinery upgrades and other sectors.

He also noted interest from Turkish investors in the privatisation of electricity distribution companies, alongside growing interest from Saudi and other internationalinvestors across a range of sectors.

He stressed that foreign investment takes time to materialise and requires policy continuity, effective facilitation and a conducive investment ecosystem.

Addressing members of the Overseas Investors Chamber of Commerce and Industry (OICCI) on Thursday, he said Pakistan`s economy was moving in the right direction, stressing that sustainable economic growth would have to be led by the private sector, while the government would continue to provide a conducive business environment, policy framework and investment ecosystem.

According to an official press release, Senator Aurangzeb said Pakistan`s economy had progressed from a difficult period of economic contraction and stabilisation towards growth.

`Three years ago, the country`s economy had contracted. Today, we have moved from stabilisation towards growth, and we have to make sure that this growth remains sustainable,` he said.

Highlighting the importance of domestic investment and capital formation, the finance minister referred to the PIA transaction, in which major Pakistani business groups demon-strated their ability to work together and mobilise close to $1.2 billion collectively. He said such participation reflected the growing capacity of local investors to create scale and pursue larger investment opportunities.

`The government`s job is to provide a business-friendly and enabling environment; the private sector has to lead economic growth,` the finance minister said.

He added that the government would continue to provide the required policy framework, regulatory facilitation and investment ecosystem, including through engagement with US EXIM Bank, other export credit agencies and international partners, as well as through tariff discussions and negotiations.

He noted that the number of tax filers had crossed 5.7 million, compared with around 3.9m last year and approximately 1.8m to 1.9m in 2022.

Referring to the Prime Minister`s Apna Ghar Programme, he said around Rs60bn had already been financed, while banks had approved a substantial additional financing pipeline.

He emphasised that the challenge was increasingly shifting from the availability of financing to strengthening the supply side and ensuring that available credit translated into construction, investment, employment and broader economic activity.

He said the government was working to strengthen the broader capital-market ecosystem and create greater avenues for capital formation and investment.

The finance minister said Pakistan`s economic trajectory would increasingly depend on the private sector`s ability to invest, innovate, create employment and expand productive capacity, while the government would focus on policy continuity, facilitation and sound economic governance.