Pakistan, France vow to deepen economic relations

Pakistan and France have affirmed their commitment to deepen economic relations, exploring investment opportunities, and expanding bilateral trade. This commitment was expressed during a meeting between Minister of State for Finance Ali Pervaiz Malik and French Ambassador Nicolas Galey in Islamabad today. Ali Pervaiz Malik provided an overview of Pakistan's economic progress, highlighting positive trends such as increased foreign exchange reserves, decreased inflation, and a robust stock market, all corroborated by recent ratings from international agencies. He outlined key reforms underway, including privatization initiatives, energy sector advancements and restructuring of state-owned enterprises. The discussion also covered the Federal Board of Revenue's digitization initiative, which is being implemented with support from McKinsey to enhance tax administration and compliance. The Minister of State highlighted the budget for 2024-25, focusing on strategies to expand the tax base by integrating untaxed segments and encouraging non-filers to comply. Significant projects in customs and Inland Revenue aimed at improving digitization and operational efficiency were also discussed. Ambassador Nicolas Galey expressed appreciation for the excellent reforms undertaken by Pakistan and offered technical support from France in areas of mutual interest. He recognized the progress made by the Government of Pakistan in stabilizing the economy and expressed confidence in the potential for further collaboration. Source: Radio Pakistan