Islamabad: Pakistan is setting its sights on the lucrative Gulf Cooperation Council (GCC) markets, aiming to double its exports within the next three to five years, said Federal Minister for Finance and Revenue Muhammad Aurangzeb. His remarks came during high-profile media interactions on the sidelines of the Alula Conference for Emerging Market Economies 2025 in Saudi Arabia.
Aurangzeb, accompanied by State Bank of Pakistan (SBP) Governor Jameel Ahmad, participated in the two-day event, which gathered global financial leaders, including International Monetary Fund (IMF) Managing Director Kristalina Georgieva. The conference served as a strategic platform for Pakistan to explore new trade and investment opportunities.
Pakistan’s Export Growth & Economic Stability
The finance minister underscored Pakistan’s export ambitions, stating, “Our ambition is that we are roughly about $30 billion plus in terms of exports, and we want to double in the next three to five years.”
Recent data from the Pakistan Bureau of Statistics (PBS) indicates a positive trajectory. Pakistan’s exports reached $30.7 billion by the end of the last fiscal year in June 2024, marking an 11% increase from $27.7 billion in 2023. In the first seven months of the current fiscal year (July 2024–January 2025), exports surged by 10% to $19.6 billion compared to $17.8 billion in the same period last year.
Strategic Focus on GCC & Emerging Markets
Recognizing the GCC’s potential, Aurangzeb highlighted the importance of strengthening trade ties with the six-member bloc—Saudi Arabia, UAE, Bahrain, Qatar, Kuwait, and Oman.
“Going forward, I see GCC, where we are sitting right now, as a market with huge export potential,” he remarked.
Pakistan has already initiated business-to-business (B2B) collaborations with Middle Eastern and Chinese markets. Special Economic Zones (SEZs) have been established to attract foreign direct investment (FDI), drive industrial growth, and generate employment.
Macroeconomic Stability & Investment Outlook
Pakistan’s economy has shown signs of resilience, with inflation dropping to 2.41% in January 2025. This has enabled the State Bank of Pakistan to cut interest rates by 1,000 basis points since June 2024, bringing them down to 12%. The SBP now forecasts GDP growth between 2.5% and 3.5% for the current fiscal year.
Aurangzeb emphasized the government’s commitment to sustainable economic reforms, stating, “We want to consolidate and utilize the available fiscal space to prioritize expenditures that will fuel our growth trajectory.”
Opportunities for Pakistani Businesses
With a strategic focus on expanding exports, Pakistani businesses now have a window of opportunity to tap into GCC markets. Sectors such as textiles, agriculture, IT services, and manufacturing stand to benefit from enhanced trade agreements and partnerships with Gulf nations.
As Pakistan continues to stabilize its economy and attract foreign investors, the business community is encouraged to explore new ventures in the Middle East, leveraging the country’s competitive edge in key industries.
