KARACHI, Feb 12 (APP): The Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, terming the export enhancement as vital for sustainable economic growth, on Thursday urged corporate sector to focus on exports and aid in government’s efforts of taking the export volume to $100 billion by 2035.
Business as usual could not help Pakistan getting rid of external financing through IMF and an increase of $ 20 billion in exports during the next 4 years is inevitable, he remarked while addressing the CEO Summit, launch of the book titled ‘100 CEOs and Diplomats of Pakistan’ and CEO Award ceremony.
The summit was organized under the theme ‘Turn the tide- Reimagine Pakistan 20230’ by CEO Club Pakistan and World CEO Forum. The event was attended by renowned economists, business leaders and chief executive officers of various financial and commercial entities.
He said that agriculture, industry, services, information technology, mining and minerals, manpower, blue economy and creative industries are the drivers of growth which could enhance Pakistan’s exports to $100 billion by 2035.
Our biggest challenge is not economic issues but the negative mental barrier that has eroded our self esteem and confidence, he stated adding that Pakistani nation is endowed with abundant natural resources, great potential and resilience but we need to break our mental model of negativity and move ahead with a positive approach to achieve the economic sovereignty that we are capable of.
The federal minister recalling the financial woes of the newly created state of Pakistan in 1947 said that our history is filled with stories of success and setbacks and now we are at an inflection point. Pakistan, despite all challenges, has made significant strides in various sectors but more efforts were required to tap the real growth potential of the country, he noted.
Ahsan Iqbal underscored that peace and harmony, political stability, continuity of the policies, and cohesive reforms and adaptability are four basic elements of a sustainable growth ecosystem. Pakistan, with its diverse national resources, has the potential to transform itself into a trillion dollar economy but we need commitment to these four elements as it is the path that leads the nation to glory, he maintained.
He said said all the state institutions have to work together for peace, stability and continuity of policy and safeguard the economic reforms while the business community is also expected to play a proactive role for economic revitalization and export enhancement
The minister said PM Shehbaz Sharif led PML-N government assumed the power in a very challenging situation when Pakistan was at the verge of external default but difficult decisions of incumbent government taken the country out of turmoil, adding that during previous three years inflation has fallen from the highest level of 38% to 5%, policy rate has been lowered from 23% to current 10.5% and stock market touched the highest ever level of 1,90,000 while concluding privatization process of PIA is the recent success story on financial fronts.
He reiterated the government’s commitment to expanding the tax base, subsiding the tax burden, lowering the power tariff and strengthening export financing and facilitation and said that multipronged measures were underway for supporting private sector growth.
Pakistan Armed Forces has made history in Ma’arka-e-Haq and the private sector companies which are warriors of Pakistan economic services has to play their role efficiently, Ahsan Iqbal said and urged, “we have to win the Ma’raka-e-Maeeshat as well by improving productivity, achieving world class competitiveness and embedding productivity, quality and innovation in our work as a continuous process.”
Speaking on the issues of Karachi, Ahsan Iqbal noted that in the post-devolution era provinces were receiving the major share from the divisible pool and were responsible for providing basic facilities to the public. The federal government, despite financial constraints, executed mega projects like Green Line BRT and K-IV in Karachi, he said and stressed the proactive role of the provincial government in resolving the problems of the metropolis.
Former SBP Governor Dr Ishrat Husain, founder Akhuwat Foundation Dr Muhamma Amjad Saqib, Banking Ombudsman Sirajuddin Aziz, president CEO Club Pakistan and World CEO Forum Ijaz Nisar and others also spoke at the occasion.