ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb has left for Davos to attend the World Economic Forum (WEF) annual summit where he will meet political, trade and business leaders from various countries and officials of international organizations, state-run media reported on Monday. 

The WEF is an international organization for public-private cooperation that arranges an annual summit where leaders meet to address key global and regional challenges. Discussions at the summit involve responding to geopolitical shocks and stimulating growth to improve living standards. This year’s annual meeting has been kept on the theme: ‘Collaboration for the Intelligent Age’ and will be held from Jan. 20-24 in the Swiss city of Davos. 

Pakistan’s participation in the summit will take place as it navigates a tricky path to economic recovery following a prolonged macroeconomic crisis. The South Asian country hopes to escape this crisis through sustained growth brought about by enhancing its export potential, attracting investments from friendly nations and bringing about fiscal reforms. 

“Federal Finance Minister Senator Muhammad Aurangzeb has left for Davos, Switzerland, to attend the World Economic Forum 2025 Annual Meeting,” Pakistan’s finance ministry said in a statement. 

“Aurangzeb will meet political, trade and business leaders from different countries and international organizations while attending the World Economic Forum, which will be held from Jan. 20-24,” it added. 

The ministry said Aurangzeb will address various sessions and take part in discussions during the summit to clarify Pakistan’s economic scenario. He will also participate as a panelist in a high-level discussion on the increasing burden of global debt on developing economies, the statement said. 

The ministry said Aurangzeb will take part in panel discussions on the rising global debt burden on developing economies, and on the revolutionary impact of new technologies, especially Artificial Intelligence and automation, in promoting trade and investment.

The statement said Aurangzeb will hold meetings with ministerial delegations from Egypt, Qatar and Saudi Arabia during his visit to the forum. 

“During his participation in the forum, the finance minister will also meet officials of global financial and business institutions, global organizations involved in sustainable development, and those of investment and commercial banks, especially investment banks from the Middle East,” the ministry said. 

Aurangzeb will also give interviews to selected international media representatives during the summit, in which several heads of state and representatives of governments, the private sector and civil society leaders are taking part, the ministry said. 

ISLAMABAD: Pakistan’s exports to Europe have surged to $3.8 billion in the first five months of the current fiscal year, state-run media reported on Monday, marking an increase of 8.62 percent compared to the same period last year. 

The European Union (EU) is Pakistan’s second most important trading partner, accounting for over 14 percent of Pakistan’s total trade and absorbing 28 percent of Pakistan’s total exports. Pakistani exports to the EU are dominated mostly by textiles and clothing.

Pakistan avails the Generalized Scheme of Preferences (GSP)+ status, a special trade arrangement offered by the EU to developing economies in return for their commitment to implement 27 international conventions on human rights, environmental protection and governance.

The current GSP framework came to an end in December 2023 but Members of EU Parliament (MEPs) voted in October to extend the current rules on the scheme for another four years for developing countries, including Pakistan. 

“Pakistan’s exports to Europe surged to 3.8 billion dollars, reflecting an 8.62 percent increase in the first five months of current fiscal year,” state broadcaster Radio Pakistan reported.

It said the growth in exports was driven by the Special Investment Facilitation Council (SIFC), a Pakistani hybrid civil-military body, in the sectors of textiles, leather, garments, sports goods and surgical instruments.

Pakistan’s government formed the SIFC in June 2023 to promote business opportunities in various sectors such as agriculture, mining, information technology and defense, and attract foreign investment. 

The SIFC has targeted mainly Gulf countries in its attempt to revitalize Pakistan’s economy and ensure it heads toward sustainable growth in the years to come. The council was set up in 2023 as Pakistan faced tough economic challenges amid dwindling forex reserves and a rapidly depreciating national currency.

Finance Minister Muhammad Aurangzeb has repeatedly stressed the importance of shifting Pakistan’s economy from an import-dependent one toward an export-led one, saying that without it sustainable economic growth is difficult to achieve. 

In recent months, Pakistan has vigorously pursued economic and investment deals with Gulf countries such as Saudi Arabia, the United Arab Emirates and bilateral trade cooperation with Central Asian states, Russia and others.