Pakistan can become a $1 trillion economy by 2035: minister

ISLAMABAD: Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal said that there is a need for political stability and continuity of economic policies to put Pakistan on a sustained growth trajectory and attain prosperity for the people.

Addressing the Pakistan Development Summit on Wednesday, the minister said that Pakistan is blessed with all natural resources and by mobilizing these resources, we can take it on the path of rapid economic growth and social development within a 10-year time period.

He said that the country is rich in all forms of wealth, but development is not possible without peace and political stability.

He hailed projects such as CPEC as gifts for the nation and underscored the need for a comprehensive national economic charter to ensure sustained progress. He stressed the importance of efficient resource utilization, proper planning, and policy continuity, and emphasized that sustained policies, coupled with decade-long democratic stability, are key to successful outcomes.

The minister highlighted the 5Es framework, which includes Exports, E-Pakistan, Environment and Climate Change, Energy, and Equity and Empowerment; as a significant milestone in Pakistan’s journey towards sustainable economic growth and development.

“The theme of the event was 5Es Framework Roadmap to a Trillion Dollar Economy by 2035, which aimed to bring together stakeholders from academia, industry, and sectoral professionals to shape the future of Pakistan’s economic growth,” he said.

Speaking on the occasion, Iqbal stressed the need to devise an economic charter, besides maintaining the continuity of the economic policies to turn around Pakistan’s economy. He said that peace and political stability in the country were the other prerequisite elements to put the nation on a fast track to economic development.

The minister also urged the need for an accelerated pace of economic growth and development not only to compete with the regional nations but to bring it at par with these economies.

Highlighting the importance of the China-Pakistan Economic Corridor Project (CPEC), he said that it was a game-changer project, which would help to transform local industrial and agriculture sectors.

He also urged for mobilizing domestic resources to meet the financial needs and reducing the reliance on borrowing.

The minister said that the income of the government was Rs7,000 billion and debt repayment was Rs8,000 billion, adding that it was borrowing Rs1,000 billion per annum to bridge the gap between income and expenditure.

He emphasized the need to promote a tax compliance culture to generate resources to meet expenses. The minister also stressed the need to strengthen the foreign exchange reserves to ensure the timely payments of all international commitments.

Secretary Planning Awais Manzur Sumra acknowledged Pakistan’s economic challenges but reassured ongoing efforts towards comprehensive policy implementation. He noted the nation’s resilience in facing economic hurdles, including climate change, with a robust framework comprising short, medium, and long term initiatives across various sectors such as exports, energy, and investment. He said that with the collective efforts of the government, industry experts, and citizens, Pakistan can overcome its economic challenges and become a trillion-dollar economy by 2035.

Copyright Business Recorder, 2024