Pakistan is shifting its focus from foreign aid to trade and investment as it seeks stronger economic ties with China, the United States, Gulf countries and other regional markets, Finance Minister Muhammad Aurangzeb said.

In an interview with Channel News Asia, Aurangzeb said Pakistan valued the support of its long-standing partners, particularly Gulf Cooperation Council (GCC) countries, but wanted to build relationships increasingly based on trade and investment.

Remittances from overseas Pakistanis reached $41.6 billion last year and are expected to increase to $44 billion this year, he said.

Discussing relations with China and the United States, Aurangzeb said Pakistan wanted to maintain strong ties with both countries rather than choose one over the other.

He said the first phase of the China-Pakistan Economic Corridor (CPEC) focused on infrastructure development, including roads, ports and power projects. The next phase aims to generate greater economic activity through business partnerships, joint ventures and export-oriented production.

Aurangzeb also said Pakistan wanted to expand economic cooperation with the United States.

On regional trade, he identified opportunities to strengthen ties with GCC countries, Central Asian republics and members of the Association of Southeast Asian Nations (ASEAN).

He said changes in global trade and growing geopolitical tensions were creating opportunities for Pakistan to diversify its trading partners and explore new markets.

The United States remains Pakistan’s largest trading partner, followed by the European Union, according to Aurangzeb.

He said stronger regional economic ties could help Pakistan diversify trade, improve resilience against external shocks and attract new investment.