Pakistan is poised to achieve a $3 trillion economy by 2047, bolstered by a targeted growth rate of 9%. Minister Ahsan Iqbal emphasized the current opportune moment for international investments in Pakistan, highlighting significant commitments from China and Saudi Arabia. Leveraging productivity enhancements, Pakistan aims to establish itself as an attractive destination for global industries, fostering its position in the international market. Minister Ahsan Iqbal, speaking at the Leaders in Islamabad Business Summit 2024, stressed the imperative role of collaboration between the government and the private sector in driving economic growth. He advocated for the development of comprehensive ecosystems within business clusters to optimize value chains and promote sustainable value addition. Drawing parallels with successful models from countries like Japan, Korea, Singapore, and Malaysia, he emphasized the need for trading houses to facilitate the global market integration of local products. Underlining the interdependence of exports and global supply chains in driving economic advancement, Minister Ahsan Iqbal emphasized the need for Pakistan to transition from a predominantly domestic market focus to an export-oriented economy. He underscored the critical role of exports in revenue generation and integration into the global supply chain, citing the current low export figures as indicative of the need for strategic investment in this area. Highlighting the imperative of enhancing business competitiveness on a global scale, Minister Ahsan Iqbal urged businesses to prioritize export proficiency and sales mastery. He emphasized the pivotal role of competitiveness and productivity in driving wealth creation and emphasized the need for a progressive mindset to achieve the country's economic goals. Minister Ahsan Iqbal announced forthcoming measures aimed at reducing regulatory burdens on the private sector, signaling the government's commitment to fostering a conducive business environment. He reiterated the government's vision to streamline regulatory procedures to eliminate obstacles hindering entrepreneurial aspirations. Minister Ahsan Iqbal called attention to the urgent need to enhance the investment landscape, citing the Saudi Investment Facilitation Council (SIFC) as a promising platform for promoting Pakistan's attractiveness as a business-friendly destination. He emphasized the importance of establishing a robust global business identity for Pakistan, drawing parallels with the successful initiatives seen during the early stages of the China-Pakistan Economic Corridor (CPEC). Minister Ahsan Iqbal reaffirmed Pakistan's potential to achieve significant economic milestones, projecting a trajectory towards a $2 trillion economy by 2047 with a growth rate of 7%, and ultimately, a $3 trillion economy with a growth rate of 9%. The Minister engaged in a dynamic discussion with panelist Saqib Ahmed, Country Manager SAP for Pakistan, Bahrain, Iraq, and Afghanistan, during the Leaders in Islamabad Business Summit, held on April 22nd and 23rd at Serena Hotel, Islamabad.
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