Iqbal urges joint push for $100b exports

Federal Minister for Planning, Development and Special Initiatives, Prof Ahsan Iqbal, on Saturday, called upon the government and private sector to work shoulder to shoulder in achieving an ambitious target of $100 billion in exports under what he termed an "export emergency."

Speaking at a ceremony titled Marka-e-Haq and 78 years of Independence Day celebrations – Uraan Pakistan – at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Iqbal said Pakistan's economic stability hinged upon export-led growth, tax reforms, and foreign direct investment. He stressed that the business community was the main driver of the economy, and the private sector would play a decisive role in steering the country out of past cycles of instability.

The minister said eight sectors had been identified as central to Pakistan's export expansion plan, including hospitality, IT, mining, manpower, blue economy, and creative industries. He urged FPCCI to immediately constitute eight joint working groups with the government to prepare actionable strategies in each sector.

"Pakistan has faced severe economic crises in the past two years, but today international institutions are recognising our macroeconomic turnaround," Iqbal said. "We have to ensure that this turnaround becomes sustainable by focusing on exports and productivity." Iqbal likened the current phase to Pakistan's "fourth flight," referring to earlier failed attempts at sustained economic take-off. "The success of this Uraan depends on learning from the past three crashes. If we repeat old mistakes, we will fail again. But if we innovate, reform, and stand united, this time Pakistan will truly fly," he remarked.

He stressed that Karachi remained the heart of Pakistan's economy, with FPCCI representing industries and businesses that fuel national growth. He further noted that the tax-to-GDP ratio remained among the lowest in the world, underscoring the urgent need to broaden the tax base.

State Minister for Religious Affairs and Interfaith Harmony, Kheal Das Kohistani, also addressed the gathering. He praised the business community for its resilience, saying its role was crucial in strengthening Pakistan's economy. FPCCI President Atif Ikram Shaikh assured full support to the government's export-led strategy. He said global institutions' positive reports had boosted confidence in Pakistan's economy and that the private sector would serve as the government's partner in achieving the $100 billion target.

"Through research-based policy inputs, FPCCI will continue providing feedback to the government to align strategies with ground realities," Shaikh noted. He added that new opportunities under Public-Private Partnership (PPP) mode would help accelerate growth. Senior Vice President FPCCI Saqib Fayaz and industrialist Bashir Jan Mohammed also underscored the need for closer cooperation between policymakers and businesses to sustain momentum.

SM Tanveer, Patron-in-Chief of the United Business Group (UBG), said Pakistan's $40 billion trade deficit could only be addressed through aggressive export promotion. "The solution is export, export, and only export," he declared. Tanveer highlighted FPCCI's role in pushing down electricity tariffs from Rs48 per unit to Rs31 per unit, though he added the struggle was ongoing to bring rates further down to 9 cents (Rs26 per unit). Lowering interest rates from the current 11% to 6-7%, he said, would save the government Rs3,500 billion annually in debt servicing.

He urged the government to focus on "district economy," giving local leadership authority over regional economic planning. "Every district in Pakistan can export its own product and earn foreign exchange. Decentralisation will strengthen the economy," he argued.

Separately, FPCCI also hosted the Pakistan–Ethiopia Business Council meeting. Ethiopian Ambassador to Pakistan, Jemal Beker Abdula, noted that Ethiopia's economy was growing at 8.2% annually, presenting opportunities for Pakistani exporters. The FPCCI president reaffirmed that under the government's "Look Africa" initiative, Pakistan would increase exports to African markets. "Pakistan and Ethiopia hold immense untapped trade potential, and FPCCI will act as the government's arm in realising it," he said. Chairman of the Pakistan–Ethiopia Business Council, Ibrahim Khalid Tawab, added that African markets, particularly Ethiopia, were highly attractive for Pakistani exports.