Pakistan has great potential to become one of Asia’s top five economies, according to Planning and Development Minister Ahsan Iqbal. He addressed the Karachi Chamber of Commerce and Industry (KCCI) on Monday. Iqbal emphasized that innovation and planning are crucial to compete with regional rivals, especially India.
The minister outlined four essential pillars for national success: peace, stability, continuity of policies, and reforms. He cited countries like India, Bangladesh, and Japan as examples of success through these principles. Unfortunately, Iqbal noted that Pakistan has struggled to implement these pillars effectively. He urged the nation to commit to safeguarding them for economic growth.
Iqbal emphasized the significance of enhancing capacity within the business community. He warned that without enhancing entrepreneurs’ skills, Pakistani businesses could fall behind in the global market. To assist exporters, he proposed creating a Karachi Export Compliance and Innovation Cell. This cell would aid with certification processes and offer training in trade facilitation.
In a separate meeting, Iqbal addressed concerns regarding the Uraan Pakistan initiative. Business leaders criticized the government’s lack of action on this program. The Planning Minister acknowledged infrastructure issues in Karachi and promised to support measures to enhance the private sector’s competitiveness. He highlighted the need for a conducive investment climate to help industries grow.