$3tr economy possible by 2047: Ahsan Iqbal

ISLAMABAD:

Federal Minister for Planning and Reforms Ahsan Iqbal stated on Tuesday that Pakistan aims to achieve a $3 trillion economy by 2047. He highlighted the need for enhanced public-private collaboration and a streamlined regulatory framework. “Pakistan targets a 9% growth rate to realise this goal,” he said, underscoring the current favourable climate for international investments, with notable commitments from China and Saudi Arabia.

Iqbal, addressing the Leaders in Islamabad Business Summit 2024, stressed the pivotal role of government-private sector collaboration in driving economic growth. He advocated for the development of comprehensive ecosystems within business clusters to optimise value chains and promote sustainable value addition. Drawing parallels with successful models from Japan, Korea, Singapore, and Malaysia, he emphasised the need for trading houses to facilitate the global market integration of local products.

Underlining the imperative of enhancing business competitiveness on a global scale, the minister announced forthcoming measures aimed at reducing regulatory burdens on the private sector.

Published in The Express Tribune, April 24^th, 2024.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.