LAHORE
\nFederal 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.
\nSpeaking 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.
\nAddressing a gathering of students, academics, and policymakers, Iqbal reflected on Pakistan\u2019s 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. \u201cFrom using thorns as pins in offices to building a modern telecommunications system with high mobile density, Pakistan has made remarkable strides,\u201d he said.
\nHowever, the minister cautioned that these achievements pale when compared to other nations. In 1960, Pakistan\u2019s 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\u2019s exceed 600 billion dollars. Similarly, Pakistan\u2019s per capita income of 1,600 dollars is dwarfed by China\u2019s 16,000 dollars, despite starting at similar levels in 1980.
\nIqbal 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.
\n\u201cSuccessful nations prioritize peace, ensure stability, and maintain policy continuity for at least a decade,\u201d he explained, citing examples like Singapore, Malaysia, and China, where long-term leadership and consistent policies drove progress.
\nPakistan, in contrast, has faced decades of instability, including involvement in external conflicts and internal challenges like terrorism and political uncertainty. \u201cWe fought others\u2019 wars, from the Soviet conflict to the war on terror, bringing instability to our doorstep,\u201d Iqbal remarked. He stressed that economic policies need a minimum of 10 years to yield results, a continuity Pakistan has struggled to maintain.
\nDrawing from the government\u2019s \u201cUraan Pakistan\u201d 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.
\n\u201cIf we achieve this, we can build momentum to reach the next 100 billion dollars in just 5 to 10 more years,\u201d he said, underscoring the need for sustainable growth aligned with foreign exchange reserves.
\nThe minister highlighted the potential of e-commerce, which allows individuals to sell products globally from home, and called for incentives to revive Pakistan\u2019s \u201crusty export engine.\u201d He also emphasized the importance of aligning growth with global technological shifts, such as the Fourth and Fifth Industrial Revolutions, encompassing artificial intelligence, cloud computing, and biotechnology.
\nAhsan Iqbal detailed recent initiatives to position Pakistan in the techno-economy, including the establishment of national centers for artificial intelligence, big data, cybersecurity, and quantum computing. These centers, connected to universities nationwide, are fostering startups and industry-oriented research. \u201cWe are mapping university faculties to industry needs, ensuring research drives economic growth,\u201d he said.
\nThe minister also addressed pressing social and environmental issues. He expressed concern over Pakistan\u2019s 11 per cent higher education enrollment ratio, compared to 30 per cent in India and 60 per cent in China, and the 25 million children out of school. \u201cNo country has developed without 90 per cent literacy,\u201d he warned, calling for universal primary education.
\nHe highlighted the alarming 40 per cent child malnutrition rate, which impairs cognitive development and innovation potential. He also flagged Pakistan\u2019s population growth rate, which has surged to nearly 5 per cent, neutralizing economic gains. \u201cIf our economy grows at 5 per cent but population at 2.5 per cent , our real growth is only 2.5%,\u201d he explained.
\nOn 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.
\nReflecting on governance, the minister criticized the lack of devolution to local governments post the 18th Amendment, which transferred responsibilities to provinces. \u201cProvinces have not empowered local governments, leading to weak decision-making in education and healthcare,\u201d he said, citing the Ministry of Planning\u2019s District Education Index, which revealed deteriorating educational indicators.
\nConcluding his speech, the minister urged the youth to seize opportunities in digital skills, cloud computing, and quantum technologies. \u201cPakistan is not an ordinary country; it was founded on Allama Iqbal\u2019s vision of economic empowerment for Muslims,\u201d he said, encouraging young Pakistanis to stay and work hard to realize their dreams.
\nHe called for a national consensus to address education, healthcare, population growth, exports, technology, climate change, and extremism. \u201cIf the nation unites and pushes together, Pakistan will soar to new heights,\u201d he affirmed.
\nLater he also participated in a group discussion.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-476263","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n