Ahsan Iqbal Sets $1 Trillion Economic Target for Pakistan by 2035
Shahzad Raza:
Islamabad:Federal Planning and Development Minister Ahsan Iqbal has reiterated the government’s ambition to turn Pakistan into a $1 trillion economy by 2035, stressing that a significant increase in exports is crucial to achieving the objectives of the Uraan Pakistan plan.
Speaking at a ceremony in Islamabad, Iqbal said borrowing to meet foreign exchange requirements could only provide temporary relief and could not offer a lasting solution to the country’s economic challenges.
He said Pakistan must work towards increasing its exports to $100 billion, warning that the country would continue to face economic difficulties unless export growth was substantially improved.
The minister said weak export performance had compelled Pakistan to repeatedly seek financial assistance from friendly countries and the International Monetary Fund (IMF). He stressed that repeatedly turning to the IMF was not a sustainable answer to the country’s economic problems.
Iqbal said Pakistan’s young population provided an opportunity for stronger economic expansion, with the country needing to achieve annual growth of between 6 and 8 per cent.
Policy instability blamed for failure of Vision 2010 and Vision 2025
The planning minister attributed the failure of Vision 2010 and Vision 2025 to a lack of continuity in government policies.
He termed Pakistan’s dependence on imported agricultural commodities a major concern despite the country being predominantly agricultural.
Iqbal stressed that Pakistan could not significantly increase agricultural exports without ensuring compliance with international standards. He also highlighted the potential to expand Pakistan’s share in the lucrative halal meat market in the Middle East.
The minister further announced that the government would soon send a second group of 1,000 people associated with the agriculture sector to China for training and development.
