Pakistan and Ethiopia seek closer banking ties to boost investment

Pakistan and Ethiopia have discussed strengthening banking and financial connectivity to boost bilateral trade and investment, as the two countries explore closer economic cooperation, the Finance Division said on Monday.

The development came during a meeting between Oumer Hussein Oba, Ambassador Extraordinary and Plenipotentiary of the Federal Democratic Republic of Ethiopia to Pakistan, and Finance Minister Muhammad Aurangzeb.

The ambassador was accompanied by Melaw Getachew, Minister Counsellor, and Kalkidan Tadesse, political diplomacy in-charge. The meeting discussed matters of mutual interest, including connectivity, economic and financial cooperation, trade and investment.

During the meeting, the discussion covered opportunities to strengthen bilateral trade and investment, with emphasis on improving financial and banking connectivity between the two countries. The envoy highlighted the importance of closer cooperation between the banking sectors to support greater trade and investment flows.

The finance minister and the ambassador exchanged views on the economic development experiences of Pakistan and Ethiopia, highlighting similarities in their economic structures and the importance of pursuing development approaches suited to domestic conditions.

They underscored the potential for sharing experiences and strengthening cooperation to support economic growth.

Aurangzeb also briefed the ambassador on the economic reforms currently underway in Pakistan, aimed at achieving lasting economic stability and laying the foundation for sustainable investment-led growth.

The finance minister and the ambassador also exchanged views on regional and global economic developments, including the implications of ongoing conflicts for energy supplies, fertiliser availability and food security.

They discussed the challenges that disruptions to energy and fertiliser supply chains can pose for economies, particularly in relation to agricultural production and the continuity of economic activity. The discussion underscored the importance of preparedness and cooperation in managing external shocks and safeguarding economic stability.

The two sides also discussed air connectivity between Pakistan and Ethiopia and its role in strengthening bilateral commercial and people-to-people links.

Aurangzeb reaffirmed Pakistan’s interest in strengthening economic relations with Ethiopia and expanding cooperation in areas of mutual interest.