Federal Minister for Planning and Reforms Ahsan Iqbal on Tuesday said that Pakistan aimed to reach $3 trillion economy by 2047 and called for enhanced public-private collaboration and a streamlined regulatory framework.
“Pakistan is poised to become a $3 trillion economy by 2047, bolstered by a targeted growth rate of 9%,” he said while emphasizing the current opportune moment for international investments in Pakistan, including significant commitments from China and Saudi Arabia. “Leveraging productivity enhancements, Pakistan aims to establish itself as an attractive destination for global industries, fostering its position in the international market,” he added.
Minister Ahsan Iqbal, speaking at the Leaders in Islamabad Business Summit 2024, stressed the imperative role of collaboration between the government and the private sector in driving economic growth.
He 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 countries like Japan, Korea, Singapore, and Malaysia, he emphasized the need for trading houses to facilitate the global market integration of local products.
Underlining the interdependence of exports and global supply chains in driving economic advancement, Minister Ahsan Iqbal stressed the need for Pakistan to transition from a predominantly domestic market focus to an export-oriented economy. He underscored 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 a global scale, the minister urged businesses to prioritize export proficiency and sales mastery.
He emphasized the pivotal role of competitiveness and productivity in driving wealth creation, and the need for a progressive mindset to achieve the country’s economic goals.
The minister announced forthcoming measures aimed at reducing regulatory burdens on the private sector, signaling the government’s commitment to fostering a conducive business environment. He reiterated the government’s vision to streamline regulatory procedures to eliminate obstacles hindering entrepreneurial aspirations. Ahsan Iqbal urged attention to the urgent need to enhance the investment landscape, citing the Special Investment Facilitation Council (SIFC) as a promising platform for promoting Pakistan’s attractiveness as a business-friendly destination.
He emphasized the importance of establishing a robust global business identity for Pakistan, drawing parallels with the successful initiatives seen during the early stages of the China-Pakistan Economic Corridor (CPEC). The minister reaffirmed Pakistan’s potential to achieve significant economic milestones, projecting a trajectory towards a $2 trillion economy by 2047 with a growth rate of 7%, and ultimately, a $3 trillion economy with a growth rate of 9%.