Economy witnessing turnaround due to difficult decisions: planning minister

ISLAMABAD: Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that Pakistan’s economy is witnessing a turnaround due to the difficult decisions taken by the government.

Addressing the National Productivity, Quality, and Innovation (PQI) Summit 2024 in Islamabad on Thursday, the minister said that inflation has decreased to a single digit and exports have increased by 14 percent. He also highlighted the rapid growth of IT exports.

Iqbal said, “Productivity, quality, and innovation are the bedrock of economic success. By adopting these principles, we can increase our exports from $30 billion to $100 billion.”

He said that friendly countries including Saudi Arabia, UAE, Kuwait, Qatar and Azerbaijan, have identified a $29 billion portfolio investment opportunity in Pakistan.

The summit began with an opening address by Federal Minister Iqbal, who emphasised the crucial role of productivity, quality, and innovation in driving sustainable economic growth and enhancing Pakistan’s global competitiveness.

The Ministry of Planning, Development, and Special Initiatives inaugurated the National Productivity, Quality, and Innovation (PQI) Summit 2024 in Islamabad on Thursday. This two-day event revolves around the theme “Driving Growth Through Excellence in Productivity, Quality, and Innovation.”

The event brought together a wide range of stakeholders, including esteemed academics, CEOs of leading brands, leaders from chambers of commerce and industry, and corporate executives. Senior officials from the Ministry of Planning, including members, chiefs, and project directors, also actively participated in the discussions.

In his address, Iqbal highlighted Pakistan’s achievements despite early challenges post-independence. “From limited resources, Pakistan has risen to become the seventh nuclear power and is now manufacturing advanced aircraft. However, we must acknowledge that we have lagged behind in key sectors compared to other nations,” he remarked.

He pointed out that in 1980, Pakistan’s per capita income was higher than China’s, but the gap has since widened, with Bangladesh and India surpassing Pakistan in economic growth. “We must decide now whether we will become a successful nation in the next 30 years,” he stated.

Iqbal stressed collective responsibility to restore Pakistan’s progress. He added that since 2022, efforts have been made to revive the economy. “Today, the stock market is rising, exports are growing, inflation is down to seven per cent, and the stock market has crossed the 96,000-point threshold. To further strengthen the economy, we need political stability, policy continuity, and an export-led growth model, with focus areas in human resource development, IT, agriculture, and mining. If we align our products with global standards, Pakistan can become a competitive economy.”

Speaking on the occasion, Planning Secretary Owais Manzoor Samra said that economic progress depends on adopting productivity, quality, and innovation. “Productivity is not just about working hard but working smart. We need to eliminate inefficiencies and integrate modern technologies. This seminar reflects the government’s commitment to these goals,” he added.

In his concluding remarks, Iqbal announced that the prime minister will soon launch the “5Es Framework” to promote sustainable development across all sectors. “As a Muslim nation, Pakistan has unique strengths. By turning aspirations into reality, we can secure our place on the global stage. I am confident that the expert panel here will develop actionable strategies for productivity, quality, and innovation,” he concluded.

The summit provided a platform for stakeholders to exchange ideas and develop strategies for accelerating Pakistan’s economic growth through productivity, quality enhancement, and innovation.

During the summit, breakout sessions were held on Productivity, Quality, and Innovation, attended by research scholars, think tanks, academia, and industry representatives.

These sessions focused on improving productivity for sustainable growth, raising quality standards to meet international benchmarks, and promoting innovation to build a competitive economy.

The summit is set to serve as a milestone in achieving the goal of increasing exports, ensuring economic stability, and ultimately maintaining Pakistan as a trillion-dollar economy by 2035 and a three-trillion-dollar economy by 2047, under the ministry’s development framework based on the 5Es: Exports, Energy, E-Pakistan, Environment and Climate Change, Food Security, and Equity.

The framework emphasizes providing equal opportunities for all, with a special focus on empowering youth, women, and minorities, as well as developing the less developed areas of the country.

Copyright Business Recorder, 2024