Economic progress hinges on political stability: Planning Minister Ahsan Iqbal

ISLAMABAD: Planning Minister Ahsan Iqbal emphasised the need for political stability and policy continuity to promote export-led growth, aiming to make Pakistan a competitive economy.

Speaking at a seminar on the National Productivity, Quality and Innovation (PQI), the minister said the efforts to revive the national economy started in 2022 were now bearing fruit.

“Today, the stock market is rising, exports are growing, inflation is down to 7pc, and the stock market has crossed the 97,000-point threshold,” he said. “To further strengthen the economy, we need political stability, policy continuity, and an export-led growth model, with focus areas in human resource development, IT, agriculture, and mining,” he added.

The minister said that productivity, quality and innovation were the bedrock of economic success. By adopting these principles, Pakistan can increase exports from $30 billion to $100bn, he said.

The seminar’s theme was “Driving Growth Through Excellence in Productivity, Quality, and Innovation.”

The event brought together many stakeholders, including esteemed academics, CEOs of leading brands, leaders from chambers of commerce and industry, and corporate executives. Senior officials from the Ministry of Planning, including members, chiefs, and project directors, also actively participated in the discussions.

The planning minister highlighted Pakistan’s achievements despite early challenges post-independence. “From limited resources, Pakistan has risen to become the seventh nuclear power and is now manufacturing advanced aircraft. However, we must acknowledge that we have lagged behind in key sectors compared to other nations,” he remarked.

He pointed out that in 1980, Pakistan’s per capita income was higher than China’s, but the gap has since widened, with Bangladesh and India surpassing Pakistan in economic growth.

Published in Dawn, November 22th, 2024