ISLAMABAD: Pakistan is focusing on self-reliance by promoting local production, indigenisation, and exports oriented industries to reduce reliance on imports and conserve foreign exchange. Finance Minister Mohammad Aurangzeb urged multinational companies to adjust business models, highlighting that some firms are already using local raw materials to cut costs. Experts note that increasing domestic consumption of food and cotton could save nearly $10 billion annually.
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Major infrastructure projects are underway to support economic independence. The Water and Power Development Authority is working to add 9.7 million acre-feet of water storage and double power generation capacity to 20,000 MW. Additionally, new oil and gas discoveries in Kohat are expected to produce around 4,100 barrels of oil per day, reducing petroleum import dependence.
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Indigenisation efforts include the construction of a 1,100-TEU container vessel for the Pakistan National Shipping Corporation, which will reduce reliance on foreign shipping. Plans for a 100-acre seafood processing and export zone in Karachi aim to shift exports from raw seafood to higher-value processed products, potentially generating $10 billion annually.
The government is also promoting value-added exports and SMEs through initiatives such as the ‘Mera Brand Pakistan’ Expo and finance expos. Proposed policies for mobile and electronic device manufacturing are expected to transition the industry from simple assembly to full-scale production, boosting exports and domestic industrial capacity.
A committee has been formed to develop strategies to avoid another IMF programme and realise the country’s estimated $60 billion annual export potential. Currently, Pakistan exports goods worth $30–35 billion annually, and remittances in the first half of the fiscal year reached $19.7 billion despite an 8.7 percent drop in exports.
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Experts stress that long-term success requires timely project completion, investment in human development, and consistent policy implementation.