ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Aurangzeb briefed a delegation of the METRO AG Germany about ongoing macroeconomic reforms, their positive impact on the stability and future economic growth of the economy.
The delegation was led by Executive Vice President METRO AG Germany Atila Yenisen, and accompanied by German Ambassador to Pakistan Alfred Grannas.
Senior officers of the Finance Division and Federal Board of Revenue also attended the meeting, a news release said.
During the meeting, Senator Muhammad Aurangzeb also highlighted the significant drop in inflation and the declining interest rate leading to a positive surge in the overall business and economic activity.
The minister said the country’s foreign exchange reserves had also risen from two weeks of import cover to two and a half month of import cover, paving the way for a stable exchange rate and allowing for repatriation of profits and dividends to foreign investors.
Earlier, Atila Yenisen shared with the Minister a brief profile of their business and investment in Pakistan.
He said the METRO AG Germany now operated 10 stores in five Pakistani cities, employing over 2,000 local staff and benefiting nearly 10,000 associated clients.
He said his Group had expanded its business in Pakistan over the years and had also contributed to documentation of economy and boosted Pakistan’s exports by importing over €10 million worth of Pakistani home textiles and other products for their overseas customers on annual basis.
