ISLAMABAD: Federal Finance Minister Senator Muhammad Aurangzeb has said Pakistan is shifting its economic focus from aid to trade and investment, with a renewed emphasis on strengthening global partnerships and expanding economic cooperation with key trading partners.

In an interview with News Asia Channel, the finance minister said Pakistan values the support and continued cooperation of its international partners during challenging times. He emphasized the importance of strengthening economic and trade relations with Gulf countries, the United States, China and other longstanding partners.

Aurangzeb said Pakistan received $41.6 billion in remittances during the previous fiscal year, adding that the figure is expected to reach $44 billion in the current fiscal year.

He said Pakistan aims to advance its relations with both China and the United States simultaneously rather than treating one partnership as an alternative to the other. He described China as a longstanding partner and highlighted the importance of the China-Pakistan Economic Corridor (CPEC) as a key component of the Belt and Road Initiative.

According to the minister, the first phase of CPEC focused on infrastructure development, including roads, ports and power plants. The second phase is aimed at generating greater economic benefits from existing infrastructure, expanding business opportunities, promoting cooperation between companies and encouraging joint investment projects.

He added that some joint initiatives with China are producing goods for export markets. Pakistan also intends to expand economic ties with the United States, using its leadership's engagement with the US administration to advance economic cooperation.

Aurangzeb said growing divisions in global trade have increased the importance of cooperation between different regions. Pakistan is exploring new opportunities with Gulf countries, Central Asian states and ASEAN member countries.

He also highlighted regional engagement with Malaysia and Indonesia, noting that high-level visits have helped promote regional connectivity and cooperation. A meeting with Thailand's finance minister during his stay in the country is also expected to provide an opportunity to strengthen economic ties.

The finance minister said the current global environment presents both challenges and new trade opportunities. He identified the United States as Pakistan's largest trading partner, followed by the European Union.

He added that Pakistan seeks to expand engagement with regional trade blocs, diversify its partnerships and increase trade with regional markets to help manage uncertainty in the global trading environment.