Strategic position can enable country to emerge as a hub for economic connectivity: minister

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that Pakistan’s unique geographical location positions it as a gateway connecting South Asia, Central Asia, and the Middle East.

While addressing at an event, “Pakistan and the Evolving Global Order” organised by the Institute of Strategic Studies in Islamabad on Wednesday, the minister said that this strategic position could enable Pakistan to emerge as a hub for trade, energy, and economic connectivity, provided the nation effectively utilises its potential.

“Asia is rapidly becoming the centre of the global economy, and Pakistan has the potential to be an ideal destination for global investors,” he remarked. He emphasised that economic diplomacy is critical for positioning Pakistan as a leader in trade and investment within the region.

Discussing the China-Pakistan Economic Corridor (CPEC), the minister emphasised its transformative impact on Pakistan’s economy. He noted that the initiative has already generated employment opportunities and laid the groundwork for further development. He also pointed out the vast potential of renewable energy, particularly solar power, and called for increased investment in this sector.

Iqbal stressed the importance of introducing Pakistan’s textile industry to global markets, leveraging the country’s rich heritage in textiles to attract international buyers. Similarly, he expressed a firm commitment to making Pakistan a hub for IT investments by improving infrastructure and creating a conducive business environment for technology firms.

The minister also advocated for strengthening economic and trade ties with major global powers, including China, the United States, the European Union, and the Gulf countries. He called for innovative approaches to create new opportunities for cooperation and emphasised the importance of consistency in policies to achieve sustainable economic growth.

“Pakistan is making positive strides toward economic recovery, with exports increasing and foreign investment flowing into the country. Our policies are geared toward ensuring long-term economic stability,” he stated.

Copyright Business Recorder, 2024