LAHORE: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said Saturday that Pakistan must now channel the spirit of its recent defence and diplomatic success into winning what he called the “Marka-e-Maeeshat” — the Battle of the Economy.
Addressing a meeting at the Lahore Chamber of Commerce and Industry (LCCI), the minister said a strong defence cannot be sustained without a strong economy, and that exports represent the only sustainable path to national development.
“If Pakistan focuses on exports, industrial growth and economic reforms over the next ten years, the country can become one of the world’s leading economies,” Iqbal said, adding that recent diplomatic achievements had improved Pakistan’s global image and the same determination must now be applied to the economic front.
The minister said the government is working to remove unnecessary regulations, red tape and business barriers to create a more export-friendly environment. He described the target of achieving USD 100 billion in exports by 2035 as a national priority comparable in importance to the country’s nuclear programme.
LCCI President Faheem Ur Rehman Saigol, who chaired the meeting, warned that Pakistan’s trade deficit had reached nearly USD32 billion in just ten months, making an immediate shift to an export-led growth strategy essential. He called on the government to align planning, industrial policy and incentives with export-oriented sectors so that Pakistani products can compete effectively in global markets.
Saigol also flagged the high cost of doing business as a pressing concern, citing expensive electricity, elevated interest rates, multiple taxes and complex regulations as serious obstacles for industry. He said the ongoing regional situation and global supply chain disruptions had further compounded these challenges.
On the China-Pakistan Economic Corridor (CPEC), Saigol credited Ahsan Iqbal with playing a key role in the corridor’s launch and said its second phase — focused on industrial cooperation, Special Economic Zones, agriculture, information technology and technology transfer — must give local businesses an active role in joint ventures.
Iqbal acknowledged that China imports nearly USD 2.8 trillion annually, yet Pakistan’s share stands at only USD3 billion, describing this as a major untapped opportunity. He said Pakistani products such as dates, mangoes, cutlery, fans and handicrafts have strong global potential but suffer from a lack of value addition, proper packaging, branding and international certification.
The minister also called for broadening Pakistan’s tax base, noting that the country’s tax-to-GDP ratio stands at just 10.5 percent, well below the 15 to 16 percent maintained by more prosperous nations. He said that without expanding the tax net and curbing evasion, the burden on compliant taxpayers will continue to grow.
Saigol announced that the LCCI — which represents more than 48,000 members — will host the “Lahore Chamber Freelancing Awards” in June 2026 and invited Iqbal to attend as chief guest. He also called for stronger digital infrastructure, expansion of IT exports and greater investment in skills development and industry-academia linkages.
The meeting was attended by LCCI Senior Vice President Tanveer Ahmed Sheikh, former President Muhammad Ali Mian, Pakistan’s Ambassador to China Khalil Hashmi and several executive committee members.
Copyright Business Recorder, 2026
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