Finance Minister Muhammad Aurangzeb on Tuesday called for deepening collaboration between member states of the Shanghai Cooperation Organization (SCO) to boost regional prosperity and stability and achieve sustainable growth.
In a virtual address to a meeting of finance ministers and central bank governors of SCO member states in Beijing, he reaffirmed Pakistan’s commitment to working with SCO members. Thanking the Chinese government for hosting the high-level gathering, he also stressed the significance of Pakistan’s membership in the SCO.
Describing the SCO as a vital platform for fostering regional cooperation and strengthening economic ties among member countries, he reiterated Pakistan’s firm commitment to the SCO Charter and the principles of the “Shanghai Spirit” as guiding tenets for advancing regional collaboration.
Aurangzeb recognized the SCO’s growing role in exploring new avenues for regional development and reiterated Pakistan’s resolve to bolster economic cooperation under the SCO framework. He also lauded the organization for its immense contributions to promoting trade, investment, and financial cooperation while reinforcing regional stability and prosperity.
Supporting proposals to increase joint projects, technology transfer, and capacity-building programs, the finance minister underscored the need for deeper collaboration among member states. He underlined the critical role of the digital economy and financial inclusion in driving equitable development, pointing to Pakistan’s active use of digital technologies for economic growth and prosperity.
During his address, Aurangzeb urged collective responses to global challenges such as economic slowdowns, widening inequalities, and climate change. He highlighted infrastructure as a driver of regional integration and economic development, and backed initiatives aimed at improving transport, energy, and digital connectivity across the SCO region.
The minister expressed strong support for the proposed establishment of an SCO Development Bank, calling it a transformative step for financing infrastructure and development projects while enhancing regional integration and economic synergy. Highlighting Pakistan’s perspective on the technical dimensions of the proposed bank, he hoped it would prioritize innovation, digital finance, fintech solutions, and environmentally sustainable financial practices.
He also welcomed a proposal to activate the SCO Network of Financial Think Tanks, expressing optimism it could become a leading platform for research, policy analysis, and strategic planning in the area of financial cooperation.
Aurangzeb also highlighted the comprehensive economic reforms undertaken in Pakistan, particularly in strengthening fiscal discipline, improving key macroeconomic indicators, reducing the current account deficit, stabilizing the currency, and boosting investor confidence.