ISLAMABAD: Pakistan’s Federal Minister of Planning, Development, and Special Initiatives Ahsan Iqbal said on Tuesday that Pakistan is poised to achieve a 3 trillion US dollars economy by 2047, bolstered by a targeted growth rate of 9 percent.
He emphasized the current opportune moment for international investments in Pakistan, underlining significant commitments from China and Saudi Arabia.
Speaking at the Leaders in Islamabad Business Summit 2024, he stressed the imperative role of collaboration between the government and the private sector in driving economic growth.
Ahsan Iqbal advocated for the development of comprehensive ecosystems within business clusters to optimize value chains and promote sustainable value addition. Drawing parallels with successful models from nations like Japan, South Korea, Singapore, and Malaysia, he stressed the need for trading houses to facilitate the global market integration of local products.
Highlighting the interdependence of exports and global supply chains in driving economic advancement, He emphasized the need for Pakistan to transition from a predominantly domestic market focus to an export-oriented economy.
Critical Role of Exports in Revenue Generation for Pakistan
He underlined the critical role of exports in revenue generation and integration into the global supply chain, citing the current low export figures as indicative of the need for strategic investment in this area.
Highlighting the imperative of enhancing business competitiveness on an international scale, Ahsan Iqbal urged businesses to prioritize export proficiency and sales mastery.
He stressed the pivotal role of competitiveness and productivity in driving wealth creation and emphasized the need for a progressive mindset to achieve Pakistan’s economic goals.
He announced forthcoming steps aimed at reducing regulatory burdens on the private sector, signaling the government’s commitment to fostering a conducive business environment.
The minister reiterated the government’s vision to streamline regulatory procedures to eliminate obstacles hindering entrepreneurial aspirations.
