NETU Establishment To Drive Innovation, Sustainable Development: Planning Ministry

NETU establishment to drive innovation, sustainable development: Planning Ministry

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Jun, 2024) The establishment of National Economic Transformation Unit (NETU) in Public Sector Development Programme Budget 2024-25 is aimed at driving comprehensive economic reform and sustainable development across Pakistan.

The unit was aligning with Prime Minister Shehbaz Sharif's vision of a prosperous and resilient nation, a Ministry of Planning and Development press release said on Wednesday.

The ministry said the NETU would serve as a strategic body focused on facilitating economic growth, enhancing productivity, and fostering innovation. It would work in close collaboration with various stakeholders, including government agencies, private sector entities, academia, and international partners, to implement evidence-based policies and initiatives that align with Pakistan’s long-term economic goal of becoming a one trillion Dollar economy by 2035.

“The establishment of the National Economic Transformation Unit is a significant step towards reviving and transforming the role of the Ministry of Planning and Development as a development think tank and realizing our vision of a prosperous and resilient Pakistan,” said Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal in a statement while emphasizing the importance of the NETU.

He said the NETU would play a crucial role in addressing economic challenges, reviving and promoting inclusive growth, and ensuring that "our development strategies are sustainable and forward-thinking".

“The NETU will attract the best Pakistani talent and enable them to play their role in nation-building,” he added.

The NETU will operate within the framework of Pakistan Vision 2025 and the 5Es framework, ensuring that its initiatives are in line with national development priorities.

The Vision 2025 outlines the roadmap for achieving sustainable development and economic prosperity, while the 5Es framework focuses on following areas:

1. Exports, Enterprise, Employment: Stimulating high, sustained, and inclusive economic growth to ensure prosperity and job creation.

2. E-Pakistan - National Digital Transformation: Ensuring digital transformation across all sectors to enhance efficiency and global competitiveness.

3.

Environment & Climate Change - Water & food Security: Implementing sustainable practices to protect the environment and ensure long-term economic and ecological balance.

4. Energy & Infrastructure - Affordable, Efficient & Green: Ensuring energy security and efficiency to power economic activities and support industrial growth, along with developing world-class infrastructure.

5. Equity, Ethics & Empowerment of Youth and Women by implementing SDGs: Promoting social justice and reducing disparities to ensure all citizens benefit from economic progress.

The NETU will prioritize key areas, including (1) Economic Diversification: Encouraging growth in non-traditional sectors and reducing dependency on a limited number of industries; (2) Innovation and Technology: Promoting the adoption of advanced technologies and fostering a culture of innovation to enhance productivity and competitiveness, embracing the Fourth Industrial Revolution; (3) Human Capital Development: Investing in education, skills development, and health to build a knowledgeable and capable workforce; (4) Sustainable Development*: Implementing environmentally friendly policies and practices to ensure long-term economic and environmental sustainability; (5) Public-Private Partnerships: Facilitating collaboration between the government and private sector to leverage resources and expertise for economic development, promoting the role of the private sector as the engine of growth in the economy; and (6) Modern Infrastructure: Developing world-class infrastructure to support economic activities and improve connectivity across the country.

The NETU will also establish a robust monitoring and evaluation framework to track progress and ensure accountability. This will include regular reporting on key performance indicators and outcomes to ensure transparency and effective governance.

Ahsan Iqbal expressed confidence that the NETU would be instrumental in transforming Pakistan’s economic landscape and improving the quality of life for its citizens.

“We are committed to making Pakistan a leader in economic innovation and sustainable development. The NETU will be at the forefront of this transformation, guiding our nation towards a brighter and more prosperous future,” he added.