Pakistan and Ethiopia seek closer banking ties to boost investment

Pakistan and Ethiopia engaged in discussions to enhance banking and financial connectivity, aiming to foster bilateral trade and investment, according to the Finance Division. This development occurred during a meeting between Oumer Hussein Oba, Ambassador Extraordinary and Plenipotentiary of Ethiopia to Pakistan, and Finance Minister Muhammad Aurangzeb. The ambassador was supported by Melaw Getachew, Minister Counsellor, and Kalkidan Tadesse, whose responsibilities included political diplomacy.

The meeting touched upon various matters of mutual interest, including connectivity, economic and financial cooperation, trade, and investment. Participants emphasized the importance of improving financial and banking connectivity between the two nations to facilitate greater trade and investment flows. The envoy underscored the significance of closer cooperation between their respective banking sectors in supporting increased trade and investment.

During the discussions, the finance minister and the ambassador shared insights on the economic development experiences of both countries. They noted the similarities in their economic structures and the importance of adopting development strategies tailored to each nation's unique conditions. Both parties acknowledged the potential for exchanging experiences and strengthening cooperation to drive economic growth.

Finance Minister Aurangzeb provided the ambassador with an overview of Pakistan's ongoing economic reforms, which are designed to achieve lasting economic stability and pave the way for sustainable investment-led growth. The two sides also delved into regional and global economic developments, including the impact of ongoing conflicts on energy supplies, fertilizer availability, and food security.

They highlighted the challenges posed by disruptions in energy and fertilizer supply chains, particularly in relation to agricultural production and the continuity of economic activity.

The conversation emphasized the necessity of preparedness and cooperation in managing external shocks and maintaining economic stability. Additionally, the discussion covered air connectivity between Pakistan and Ethiopia and its role in bolstering bilateral commercial and people-to-people ties. Aurangzeb reiterated Pakistan's commitment to enhancing economic relations with Ethiopia and expanding cooperation in areas of mutual interest.