Islamabad : Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with a delegation of the METRO AG Germany that called on the Minister at Finance Division.
The delegation was led by Mr. Atila Yenisen, Executive Vice President METRO AG Germany, and accompanied by Mr. Alfred Graannas, Ambassador of the Federal Republic of Germany to Pakistan. Senior officers of the Finance Division and FBR also attended the meeting.
During the meeting, Senator Muhammad Aurangzeb welcomed the delegation and briefed them on the ongoing macroeconomic reforms and their positive impact on the stability and future economic growth of the economy.
The Minister also highlighted the significant drop in inflation and the declining interest rate leading to a positive surge in the overall business and economic activity. He 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, Mr. 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 2000 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.