Iqbal congratulates PSX on 60% growth

Highlights economic transformation plan; stresses need to connect with global supply chains

KARACHI:

Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal, on behalf of the prime minister, congratulated the Pakistan Stock Exchange (PSX) on achieving over 60% growth in 2024.

Speaking at the PSX gong-striking ceremony on Tuesday, Iqbal lauded the exchange's performance, stating it showcased Pakistan's resilience and economic potential. He emphasised the importance of four key factors for national development: peace, political stability, consistent policies, and commitment to reforms. "Pakistan needs these four pillars more than ever," he stressed.

Reflecting on Pakistan's long-term goals, the planning minister underlined the need to honour the vision of Quaid-e-Azam Muhammad Ali Jinnah and Allama Iqbal as the nation approaches its centenary in 2047. "We cannot afford to lag behind economically," he said, calling for strategic progress and highlighting the shift from the political ideologies of the 20th century to the economic competition of the 21st century.

The minister announced the forthcoming National Economic Transformation Plan, focusing on export-led growth and the branding of "Made in Pakistan" products. He noted that no Pakistani company currently exceeds a $2 billion valuation, stressing the need to connect with global supply chains for economic survival.

Recounting past achievements, Iqbal credited the PML-N with restoring peace, controlling load-shedding, and advancing the China-Pakistan Economic Corridor (CPEC) project.

However, he criticised the political instability that followed, which he said disrupted national progress, particularly CPEC's special economic zones (SEZs). When the government resumed power in 2022, Iqbal said the focus shifted to preventing Pakistan's economic collapse through difficult but necessary decisions.

Iqbal highlighted the results of these reforms, including reduced inflation, rising IT exports, and improved international ratings. He noted that PSX's index had surged from 30,000 to 100,000 points, marking Pakistan's emergence as a hub for investment opportunities. "We have transformed from a security state to a nation ripe for investment," Iqbal said, emphasising that Pakistan, despite its challenges, has the potential to excel globally.