Latest news with #andSpecialInitiatives
Express Tribune
04-05-2025
- Business
- Express Tribune
Export economy is the key: Iqbal
Listen to article Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal highlighted the urgent need for Pakistan to transition to an export-based economy to achieve rapid economic growth. Speaking at the 10th budget summit, organised by the University of Management and Technology (UMT) on Saturday, the minister highlighted the critical role of exports in ensuring sustainable development and reducing reliance on foreign aid. Addressing a gathering of students, academics, and policymakers, Iqbal reflected on Pakistan's developmental journey since its inception in 1947. He noted that the country, which began with scarce resources, has achieved significant milestones, including becoming the seventh nuclear power globally and producing advanced JF-17 Thunder jets. "From using thorns as pins in offices to building a modern telecommunications system with high mobile density, Pakistan has made remarkable strides," he remarked. However, the minister cautioned that these achievements pale when compared to other nations. In 1960, Pakistan's manufacturing exports were comparable to those of South Korea, Malaysia, and Thailand, but today, Pakistan lags significantly with exports at 32 billion dollars, while South Korea's exceed 600 billion dollars. Similarly, Pakistan's per capita income of 1,600 dollars is dwarfed by China's 16,000 dollars, despite starting at similar levels in 1980. Iqbal posed a pressing question; why has Pakistan fallen behind countries like Vietnam, Bangladesh, and India, which have surged ahead in exports and economic growth? He attributed this lag to the lack of a conducive environment for development, marked by conflict, instability, and short-term economic policies. "Successful nations prioritise peace, ensure stability, and maintain policy continuity for at least a decade," he explained, citing examples like Singapore, Malaysia, and China, where long-term leadership and consistent policies drove progress. Pakistan, in contrast, has faced decades of instability, including involvement in external conflicts and internal challenges like terrorism and political uncertainty. "We fought others' wars, from the Soviet conflict to the war on terror, bringing instability to our doorstep," Iqbal remarked. He stressed that economic policies need a minimum of 10 years to yield results, a continuity which Pakistan has struggled to maintain. Drawing from the government's "Uraan Pakistan" initiative, the minister outlined a roadmap to address these challenges. Central to this vision is transforming Pakistan into an export-led economy, with a target of increasing exports from 32 billion dollars to 100 billion dollars within 8 to 10 years. "If we achieve this goal, we can build momentum to reach the next 100 billion dollars in just 5 to 10 more years," he said, underscoring the need for sustainable growth aligned with foreign exchange reserves. The minister highlighted the potential of e-commerce, which allows individuals to sell products globally from home, and called for incentives to revive Pakistan's "rusty export engine." He also emphasised the importance of aligning growth with global technological shifts, such as the Fourth and Fifth Industrial Revolutions, encompassing artificial intelligence, cloud computing, and biotechnology. Ahsan Iqbal also highlighted recent government initiatives to position Pakistan in the techno-economy, including the establishment of national centres for artificial intelligence, big data, cybersecurity, and quantum computing. These centres, connected to universities nationwide, are fostering startups and industry-oriented research. "We are mapping university faculties to industry needs, ensuring research drives economic growth," he said. The minister also expressed concern over Pakistan's 11% higher education enrolment ratio, compared to 30% in India and 60% in China, and the 25 million children out of school. "No country has developed without 90% literacy," he warned, calling for universal primary education. On climate change, Iqbal stressed the need for smart agriculture and weather-resistant seeds to secure food supplies, alongside energy efficiency and renewable energy adoption to meet global carbon standards. Concluding his speech, the minister urged the youth to seize opportunities in digital skills, cloud computing, and quantum technologies. "Pakistan is not an ordinary country; it was founded on Allama Iqbal's vision of economic empowerment for Muslims," he said, encouraging young Pakistanis to stay and work hard to realise their dreams. He called for a national consensus to address education, healthcare, population growth, exports, technology, climate change, and extremism. "If the nation unites and pushes together, Pakistan will soar to new heights," he affirmed.
Business Recorder
04-05-2025
- Business
- Business Recorder
Ahsan for transition to export-based economy to achieve rapid growth
LAHORE: Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal highlighted the urgent need for Pakistan to transition to an export-based economy to achieve rapid economic growth. Speaking at the 10th budget summit, organised by the University of Management and Technology (UMT) on Saturday, the minister highlighted the critical role of exports in ensuring sustainable development and reducing reliance on foreign aid. Addressing a gathering of students, academics, and policymakers, Iqbal reflected on Pakistan's developmental journey since its inception in 1947. He noted that the country, which began with scarce resources, has achieved significant milestones, including becoming the seventh nuclear power globally and producing advanced JF-17 Thunder jets. 'From using thorns as pins in offices to building a modern telecommunications system with high mobile density, Pakistan has made remarkable strides,' he said. However, the minister cautioned that these achievements pale when compared to other nations. In 1960, Pakistan's manufacturing exports were comparable to those of South Korea, Malaysia, and Thailand, but today, Pakistan lags significantly with exports at 32 billion dollars, while South Korea's exceed 600 billion dollars. Similarly, Pakistan's per capita income of 1,600 dollars is dwarfed by China's 16,000 dollars, despite starting at similar levels in 1980. Iqbal posed a pressing question: why has Pakistan fallen behind countries like Vietnam, Bangladesh, and India, which have surged ahead in exports and economic growth? He attributed this lag to a lack of a conducive environment for development, marked by conflict, instability, and short-term economic policies. 'Successful nations prioritize peace, ensure stability, and maintain policy continuity for at least a decade,' he explained, citing examples like Singapore, Malaysia, and China, where long-term leadership and consistent policies drove progress. Copyright Business Recorder, 2025
Gulf News
01-05-2025
- Business
- Gulf News
Pakistan minister reveals $1 trillion economy plan in Dubai
Dubai: Pakistan's Federal Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, urged overseas Pakistanis to play a central role in the country's ambitious economic transformation. Speaking at the Pakistan Day reception on Wednesday in Dubai attended by diplomats, senior UAE government officials, Emirati nationals, and members of the Pakistani community, Minister Iqbal outlined the government's vision to position Pakistan as a $1 trillion economy by 2035. The event, hosted by the Consulate General of Pakistan in Dubai, was a celebration of both Pakistan's history and its future potential. Minister Iqbal highlighted the significance of Pakistan Day, March 23, marking the Pakistan Resolution in 1940, which led to the creation of Pakistan under the visionary leadership of Quaid-i-Azam Muhammad Ali Jinnah, father of the nation. Building bridges 'Overseas Pakistanis are key to building bridges, enhancing exports, and bringing investments that will propel Pakistan into the next phase of its economic evolution,' Minister Iqbal said. He called on the Pakistani diaspora to leverage their global networks, business expertise, and financial contributions to unlock Pakistan's true economic potential. Minister Iqbal also explained the 'Uraan Pakistan Initiative,' a comprehensive national economic plan designed to address critical areas such as exports, e-commerce, environmental sustainability, and energy infrastructure. The reception, which took place at hotel in Dubai, was attended by Khalid Muhammad Al-Kaabi from the Ministry of Foreign Affairs, Dubai Office. Pakistan's Ambassador to the UAE, Faisal Niaz Tirmizi, also attended the event, reaffirming the importance of the Pakistani diaspora in the nation's economic growth. Deep-rooted ties Consul General Hussain Muhammad, in his speech, highlighted the deep-rooted ties between Pakistan and the UAE, paying tribute to the over 1.7 million Pakistanis residing in the UAE, who he described as a vital link between the two countries. A special moment in the evening was the presentation of the book Sheikh Zayed: The Builder of the Nation, authored by Khan Zaman Saroor, a prominent member of the Pakistani community in the UAE. The book, launched recently in Abu Dhabi, is a tribute to the legacy of the UAE's founding father. The event also featured a short video montage showcasing rare historical photographs that captured pivotal moments in the longstanding relationship between Pakistan and the UAE, dating back to the 1960s. $3 trillion economy Minister Iqbal concluded his address by reiterating Pakistan's goal to become a $3 trillion economy by 2047, positioning the nation as a global economic powerhouse. He called on overseas Pakistanis to unite in this vision and contribute actively to the country's economic growth, emphasising that the future of Pakistan lies not only within its borders but also in the hands of its people abroad. As Pakistan moves forward with its bold economic strategy, the involvement of its diaspora will be crucial in shaping the nation's economic destiny in the decades to come. Key highlights Export Growth: Aiming to double exports from $32 billion to $60 billion within five years, and reach $200 billion by 2030, this ambitious plan will play a pivotal role in strengthening Pakistan's position in the global economy. Techno-Economy: Emphasizing the importance of technological advancement, Pakistan seeks to embrace the Fourth and Fifth Industrial Revolutions to become a global leader in innovation, digitalisation, and tech-driven industries. Environment and Sustainability: Addressing climate change and ensuring water security, the initiative aims to build a sustainable future by tackling environmental challenges, safeguarding natural resources, and promoting food security. Energy and Infrastructure: Central to the vision is transforming Pakistan's energy sector into a green energy powerhouse. The government also plans to modernise the nation's infrastructure to establish Pakistan as a logistical and manufacturing hub at the heart of South Asia, China, Central Asia, and the Middle East. Equity, Ethics, and Empowerment: Focusing on human capital, the government aims to empower Pakistan's youth — 60% of the population — and increase female participation in the workforce from 23% to 50%. Education, healthcare, and addressing population growth are central to this pillar, ensuring an equitable future for all.
