Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, delivered a keynote address at the Innovation Lab established by the Ministry of Planning, emphasizing the urgent need to enhance Pakistan’s exports to achieve sustainable economic growth and stability. He stressed that raising exports from the current $30 billion to $100 billion is essential for ensuring the country’s economic sovereignty. The event was attended by Federal Minister for Commerce, Jam Kamal, along with a large gathering of experts from both the public and private sectors, exporters, and policy specialists. Ahsan Iqbal underscored that a decline in exports directly contributes to a widening trade deficit, which poses significant risks to the national economy. “We must act swiftly to mitigate the trade deficit and secure our future,” he emphasized. Discussing the critical role of exports, Ahsan Iqbal remarked that the country’s development and national security hinge upon increasing exports. He assured that the government will provide all necessary facilities to the private sector to enhance the competitiveness of Pakistani products in the global market. “The private sector must also focus on value addition in their products to increase their appeal in international markets,” he noted. Iqbal further stressed the need to declare a National Export Emergency, stating, “Pakistan must become the trade and connectivity hub of the region, and achieving this vision requires decisive action on exports.” He cautioned that failure to boost exports would lead to increased borrowing, pushing the country deeper into economic difficulties. In his address, Iqbal also emphasized the importance of aligning universities and research centers with market demands to foster better synergy between research and production. He argued that Pakistan must introduce its products as a strong brand on the global stage, showcasing the nation’s hard work and expertise to the world. Ahsan Iqbal criticized the policies of the previous PTI government, claiming that their import-driven growth model, aimed merely at showcasing economic expansion, led to a staggering $50 billion trade deficit. “We are now paying the price for unchecked imports,” he said, adding, “The time has come to take serious steps to expand our exports from $30 billion to $100 billion.” Iqbal warned that if Pakistan does not meet its export targets within the next eight years, the country will remain ensnared in the debt trap, with lasting consequences for the economy. Highlighting the potential of small businesses, Iqbal remarked that they hold the capacity to generate $40 billion in exports over the next five years. He affirmed the government’s commitment to incentivizing these businesses through targeted measures. Federal Minister for Commerce, Jam Kamal addressed the participants, emphasizing the government’s efforts in mitigating the effects of inflation by working closely with provincial governments. “Encouraging small businesses is a top priority for us,” Kamal stated. On the issue of increasing exports, Jam Kamal said that reducing reliance on IMF programs and remittances is critical, and this can only be achieved by boosting exports. He further noted that improving business financing mechanisms is essential to stimulate investment. Kamal highlighted that investor confidence has improved following the IMF program, and this will contribute to enhancing export potential. “We are in talks with independent power producers (IPPs) to reduce energy tariffs and are actively working to curb electricity theft and losses,” he added. Minister Kamal underscored that Pakistan’s economic future depends on expanding exports. He revealed that during the fiscal year 2024, Pakistan’s exports reached $30.6 billion, with agricultural exports seeing a notable increase of 54.8%, reaching $7.95 billion. Kamal also mentioned the launch of the “Brand Pakistan” campaign aimed at strengthening the global recognition of Pakistani products. “In the past, the focus was primarily on textiles, but now we are placing greater emphasis on pharmaceutical exports,” he said. Kamal stressed that without export growth, Pakistan will remain reliant on IMF and external loans, which limit the country’s economic autonomy. He pointed out that fiscal deficits and external debts constrain economic sovereignty, and domestic political instability has disrupted the continuity of economic policies. He further warned that rising global protectionism is making it more difficult for Pakistan to access international markets, but the government is taking proactive steps to address these challenges. Jam Kamal concluded by stating that improving the branding and quality of Pakistani products will help the country compete in the global market. He emphasized that the government is ensuring the effective use of the Export Development Fund to unlock Pakistan’s export potential and solidify its position in international markets. During the dialogue held at the Ministry of Planning, both Ahsan Iqbal and Jam Kamal reiterated that without a significant boost in exports, Pakistan’s economic growth will remain constrained. The government is actively working with the private sector to implement a comprehensive strategy aimed at achieving this crucial goal.
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