Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal stated on Saturday that the government is working hard to reshape the economyfrom one that is import substitution to one that is export-oriented. The private sector should take the reins and assist us in completing this work, Iqbal said.
“Today, South Korea’s exports exceed $600 billion, Malaysia’s exceed $300 billion, and Thailand’s exceed $267 billion, whereas we have only hit $30 billion over this time,” he remarked.The minister also disclosed that Turkey’s exports rose from $50 billion in 2000 to $288 billion in 2017. He continued, “Export-led growth is now the top priority in all rich nations.
The LCCI and Mr. Iqbal both agreed that political stability is essential for economic growth. In the form of the China-Pakistan Economic Corridor, he claimed, the nation has a unique chance. And the Chinese president signed the deals worth $46 billion at a time when no one was willing to invest a single $1 in Pakistan.
He added that both domestic and international investors should be encouraged to invest. “The development budget in 2018 was Rs1,000bn, however when we came back to power in April 2022, it was lowered to Rs550bn,” he remarked.
