Ahsan Iqbal Stresses Boosting Exports To Overcome Economic Challenges

LAHORE, (UrduPoint / Pakistan Point News - 3rd Aug, 2024) Federal Minister for Planning, Development and Special Initiative Ahsan Iqbal has emphasised that increasing exports is the only way out for Pakistan to achieve economic growth.

Addressing the 28th Textile Asia International Trade Fair 2024, organised by Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) at Expo Centre Lahore on Saturday, he said Pakistan had vast resources and potential but there was a need to focus on productivity, quality, and innovation to enhance competitiveness, profitability, and economic development.

The planning minister mentioned that approximately 550 companies from seven countries were participated in the expo, adding that trade fairs and expos like this was a tool to boost exports of any country. He stated that boosting exports was essential for economic development, as it would not only strengthen the Pakistani Rupee but also contribute to national prosperity. He asserted that enhancing exports was crucial for Pakistan to escape its dept burden and improve economic condition.

Ahsan Iqbal criticised opposition for focusing on protests rather than offering constructive solutions to the country’s issues. He underscored the need for unity among all stakeholders to overcome political differences and achieve progress.

Addressing the current economic difficulties, he described the International Monetary Fund (IMF) programme as a temporary solution, referring to it as a 'bitter pill' that Pakistan must eventually move beyond. He emphasised that export growth should be a top government priority, highlighting its importance for a stable economy.

The planing minister highlighted the significance of trade fairs in promoting exports and stressed the government's commitment to showcasing “Made in Pakistan” products globally. He set an ambitious target to increase exports to over $100 billion and to outperform India by 2047. He emphasized that strengthening foreign exchange reserves would stabilize the Pakistani Rupee and contribute to national economic stability.

To a question on electricity, he outlined the background of the issue and the government's efforts to address it. He explained that when PML-N government came into power, it faced a severe power shortage with up to 20 hours of load shedding. In response, the government collaborated with China to establish eight thousand megawatts of power projects, alongside three thousand megawatts funded domestically.

Ahsan Iqbal addressed concerns about political instability, urging that this is not the time for protests. He called for dialogue and collaboration among experts to find solutions to current issues, warning that political demonstrations could deter potential investors. He invited opposition leaders to engage in discussions with government experts to address the country’s challenges constructively. He emphasized the need for unity and collective effort in overcoming Pakistan’s economic challenges. He called on all stakeholders to set aside differences and focus on strengthening the national economy through enhanced exports and effective problem-solving.