ISLAMABAD: In a significant move towards enhancing Pakistan's economic future, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, hosted a high-level delegation from global professional services firm Alvarez & Marsal at the Finance Division today.

This meeting is part of ongoing discussions focused on the potential involvement of Alvarez & Marsal in Pakistan's privatization processes, including the establishment of a sovereign wealth fund. The Alvarez & Marsal delegation was led by Mr. Peter Briggs, Division Executive at Alvarez & Marsal, accompanied by Mr. Abdalla ElEbiary, Managing Director, and Mr. Reza Baqir, Global Head of Sovereign Advisory. Their discussions with the Finance Minister centered around Pakistan's efforts to accelerate its privatization agenda and attract global investors to the country.

During the meeting, Mr. Peter Briggs provided an overview of Alvarez & Marsal's long-term investment strategy in Pakistan. He emphasized the firm's commitment to the country, stating that the firm is not only exploring opportunities to assist in privatization but is also considering establishing a permanent office in Pakistan.

He noted that the country's growing market presents vast potential for investment, and the firm intends to contribute significantly to Pakistan's economic development. Briggs further highlighted that Alvarez & Marsal's involvement would be instrumental in supporting Pakistan's privatization efforts and attracting foreign investors, particularly in sectors like power distribution. He explained that the firm's extensive expertise in privatization and sovereign advisory could play a key role in helping Pakistan unlock investment opportunities and realize its economic potential. Senator Muhammad Aurangzeb welcomed the delegation's interest in contributing to Pakistan's economic growth, particularly in the privatization space. The Finance Minister recognized Alvarez & Marsal's well-established reputation and experience in privatization and sovereign advisory, which would provide invaluable support to Pakistan's ongoing reforms. He expressed the government's appreciation for their expertise, which would help Pakistan navigate the complexities of privatizing state-owned entities, a crucial step in revitalizing the country's economy.

The Minister underscored the government's commitment to accelerating the privatization process, noting that 24 state-owned entities had already been added to the privatization pipeline. The privatization of these entities is seen as a vital step towards reducing the fiscal burden on the government, increasing efficiency, and attracting investments that can fuel economic growth. Senator Aurangzeb stated that privatization, particularly in the energy sector, would also help improve the overall service delivery and efficiency of key industries, creating new opportunities for both local and foreign investors. In his remarks, Senator Aurangzeb highlighted the progress Pakistan has made in stabilizing its macroeconomic situation over the past 14 months. He pointed out that, despite challenges, the economy has experienced positive shifts, leading to a rejuvenated market with growing investor confidence.

The Finance Minister referred to recent announcements by international business giants, such as global shipping conglomerate AP Moller Maersk, which has pledged a substantial investment in Pakistan's maritime sector. This, he said, is a clear reflection of the improving investment climate in the country.Local entrepreneurs and investors are also showing renewed enthusiasm, with many stepping forward to seize opportunities for growth. Senator Aurangzeb expressed his optimism that the country's ongoing economic stabilization would continue to bear fruit, attracting more foreign investments in key sectors like infrastructure, energy, and technology. The Finance Minister also discussed Pakistan's strategic location within the region's growing economic corridor and emphasized the government's vision to boost trade, investment, and tourism. He pointed out that initiatives to develop infrastructure, streamline business regulations, and enhance the ease of doing business in Pakistan are all part of a broader strategy to integrate the country into regional and global markets. Senator Aurangzeb further emphasized that the government, under the leadership of Prime Minister Shehbaz Sharif, is committed to driving the country towards long-term economic prosperity.

He stressed that the collaboration with Alvarez & Marsal could be a key pillar in achieving these objectives, particularly in unlocking the full potential of Pakistan's privatization program. In closing, the Finance Minister expressed his hope that the partnership between Pakistan and Alvarez & Marsal would pave the way for a brighter economic future. He reiterated that with continued efforts to attract investment and enhance market competitiveness, Pakistan is on track to become a key player in the region's expanding markets. The meeting concluded with both sides expressing optimism about the potential impact of their collaboration.

The partnership is expected to significantly contribute to Pakistan's ongoing reforms and strengthen the country's position as a leading investment destination in South Asia.