Federal Minister for Planning, Development and Reforms Ahsan Iqbal on Saturday said that efforts were afoot under Vision 2025 for making Pakistan 25th largest economy of the world in next 10 years.
Addressing the three-day Pakistan Coating Show (January 15-17) at Expo Centre, he viewed that export sector had the key to achieve this goal and private sector’s role was very crucial for expansion of exports.
He said: “Private sector is the key for progresses and without its active participation, all the economic development projects will remain incomplete.” The federal minister said that the China-Pakistan Economic Corridor (CPEC) project was a splendid gift and its successful completion could make Pakistan’s development irreversible.
Ahsan Iqbal said Prime Minister Nawaz Sharif had already declared that CPEC was the project of entire nation and assured that people of all the provinces – KPK, Balochistan, Sindh, Punjab, and FATA, AJK and Gilgit-Baltistan would benefit from projects under the CPEC.
He also assured that western provinces- KPK and Balushitan – would not be deprived of the fruit of the CPEC projects which would be game-changer and transform Pakistan into an economic hub for Afghanistan, Central Asian states and China.
The federal minister said that 2016 had been declared as ‘Year of Productivity Quality and Innovation’ and a comprehensive awareness campaign would be launched with focus on these three factors. He called upon the industrial sector to study the local and global markets.
“Businesses have no finish line and only those can drill out their way in the competitive market which focus on market and lead driven studies entailing thorough research and innovation, besides ensuring consumers relationship management,” he remarked.
The federal minister also hinted at establishment of such institutions which would cater to the needs of industrial sector regarding research and innovation. He added that an international brand conference would also be arranged to highlight its importance as the brand was vital to find a niche in the markets world over.
The federal minister said that today Pakistani merchandises had not only to compete in the local but also in the international markets as the 20th century was of mere slogans but the 21st century was of economic ideology and only that country could advance at global level that had economic development vision.
Ahsan Iqbal said the PML-N government had increased the Higher Education Commission (HEC) budget from Rs 48 billion to Rs 78 billion.
He said Pakistan’s foreign exchange reserves had touched the record high of USD 21 billion from the lowest level of USD 6 billion two years back. The foreign visitors would find the Pakistan Coating Show very beneficial for them by striking business deals with their Pakistani counterparts, he said, adding, “We will welcome warmly foreign investors and businessmen to Pakistan.”
At the end, Federal Minister Ahsan Iqbal gave away shields to representatives of selected foreign companies. While Brighto Chairman Khawaja Ejaz Ahmed Sikka, Director Khawaja Khurrum Sikka, and Bin Rasheed Group CEO Moazzam Rasheed also spoke on the occasion. The Brighto Paints (Pvt) Limited is the principal sponsor of this year’s exhibition along with several local and multinational industries patronising the show.
In next ten years Bangladesh GDP will be more than Pakistan GDP. As of now Bangladesh exports are more than Pakistan Exports. Bangladesh Currency is more valuable ($1.00 = around 77 taka). Pakistan currency is ($ 1.00 = 104.50 Rupees). Bangladesh have more foreign exchange reserves than Pakistan
We need Pakistan to be around 20 or near the top 10 with our size of population. The lack of promotion in exports to Middle East, Africa and Europe is seriously affecting our economic rankings. @Daksha we will we after the completion of CPEC where both economies stand but I would be too concerned as that is still East Pakistan. A nation that is bitterly divided between jamaat supporters and Hindu supports I.e sheikh hasina! Pakistan Zindabad
It wont happen as long as people like Ahsan Iqbal are in charge who has not only failed to gain confidence of people over CPEC. On the contrary he has managed to foment controversies and made matters worse. He has been a minister of national mansooba-bandi and the question is what has he got to show for.
@Malik Saab regarding CPEC, I will be happy and proud of CPEC even if ten percent of the total investment amount pledged for CPEC is achieved by the end of 2020. Bangladesh growth rate is 6.25 percent and Pakistan growth rate is 4.50 percent. You do your math and will see the result. We are having healthy discussion on this issue. You check with any of your acquaintance whose background is economics will tell you that Bangladesh economy will be larger than Pakistan in 2025. Bangladesh Foreign remittances are more than Pakistan. Bangladesh does not spend lot of money on defense. Pakistan defense budget is almost 25 percent of total Pakistan budget. Pakistan is more dependent on foreign aid than Bangladesh.
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