Govt Committed To Export Led Growth Through Comprehensive Strategy: Ahsan Iqbal

Mohammad Ali (@ChaudhryMAli88) Published July 31, 2024 | 11:24 PM

Minister Planning. Development and Special Initiative, Prof. Ahsan Iqbal on Wednesday said that the government is committed to export-led growth to evolve an export-led growth strategy for the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 31st Jul, 2024) Minister Planning. Development and Special Initiative, Prof. Ahsan Iqbal on Wednesday said that the government is committed to export-led growth to evolve an export-led growth strategy for the country.

“Our Gross Domestic Products (GDP) growth is import based, it should be export based and trade imbalance is leading us to deficit, " the minister said.

Prof. Ahsan Iqbal said this in a working group meeting with the Chinese delegation, said a press release issued here.

Chinese Foreign Ministry Ambassador Wang Fukang chaired the working group meeting. The working group has members from 10 Chinese ministries.

The visit of the Chinese delegation is important to solve the economic problems through the second phase of CPEC

Ahsan Iqbal said adding that 24% of Pakistan's economy is agriculture and manufacturing is only 12% and “We can learn from China how to expand manufacturing.

He said the government is committed to growing imports but “we have foreign exchange issues to match the growth leading to a balance of payments crisis.

He said that Pakistan's population is 240 million, of which 41 percent are under 15 years and Pakistan has the highest production of 10 different crops but average production is very low.

The minister said that Pakistan is the third largest milk producing country in the world and the average production of one animal in Pakistan is 1500 liters while globally it is 6000 liters per animal.

Foreign direct investment is a challenge for us and he informed us that Vietnam's population is half of our population but their Foreign Direct Investment (FDI) is more than our FDI.

He said that the irresponsible planning of the previous regime led to massive depreciation of the rupee in the country.