Banks apprised of road map to export growth

KARACHI: Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal on Wednesday, in a meeting with presidents of commercial banks at the SBP head office, presented a detailed transformative economic roadmap under the Uraan Pakistan initiative, aimed at increasing Pakistan’s exports to $60 billion.

During the meeting, Ahsan Iqbal underscored the pivotal role of commercial banks in achieving the economic growth target. He urged banks to step forward and increase lending to the private and priority sectors to help meet the goals outlined under the Uraan Pakistan initiative.

The minister chaired the meeting alongside the Governor of the State Bank of Pakistan, Jameel Ahmed and attended by senior banking officials, presidents of commercial banks. During the meeting Ahsan Iqbal emphasized the critical role of commercial banks in achieving the economy boost target.

Export growth not possible without policy reforms

He said Uraan Pakistan is not just a program; it is a vision for a progressive and prosperous Pakistan. “To succeed, we need collective action and innovation, with commercial banks playing a pivotal role in empowering SMEs, supporting emerging industries, and ensuring economic resilience”, he added.

The minister highlighted that achieving 6-10 percent annual export growth requires diversifying beyond traditional textiles and focusing on sectors such as IT, agriculture, mining, manpower export, the blue economy, and cultural industries. He pointed to the significant potential of Pakistan’s SMEs, which, with the right support, could contribute $40 to $60 billion in exports over the next five years. While noting missed opportunities over the decades, Ahsan Iqbal expressed optimism for the future and said, “Pakistan has experienced three significant economic takeoff attempts in the past, but each was derailed by wars, political instability, or policy shifts. Uraan Pakistan is our chance to rewrite that history with a sustainable, forward-looking approach.” He also noted the government’s focus on the “Five Es” - E-Pakistan, Environment, Energy, Equity, and Economy, as the pillars of the nation’s development strategy. “The financial sector is the backbone of our economy,” he remarked and added, “Banks must double export credit disbursements, introduce risk mitigation tools, and adopt digital trade finance solutions to empower exporters and reduce transaction timelines.”

The Minister also acknowledged the challenges obstructing progress, including political instability, low literacy rates, and rising energy costs.

Copyright Business Recorder, 2025