LAHORE: Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal emphasised the urgent need for Pakistan to shift to an export-based economy to achieve sustainable economic growth.
Speaking at the 10th budget summit organised by the University of Management and Technology (UMT) on Saturday, Iqbal underscored the critical importance of exports in driving economic development and reducing reliance on foreign aid.
Addressing a diverse audience of students, academics, and policymakers, Iqbal reflected on Pakistan’s progress since its independence in 1947, highlighting significant achievements such as becoming the seventh nuclear power and developing the advanced JF-17 Thunder jets. He pointed to the country’s transformation from limited resources to modern infrastructure, including a high mobile density and a sophisticated telecommunications system.
However, the minister cautioned that these accomplishments were overshadowed by the economic success of other nations. He noted that in 1960, Pakistan’s manufacturing exports were on par with South Korea, Malaysia, and Thailand, but today, Pakistan’s exports stand at $32 billion, while South Korea’s exports exceed $600 billion. Iqbal also pointed out that Pakistan’s per capita income of $1,600 is far behind China’s $16,000, despite both countries having similar economic starting points in 1980.
Iqbal raised a critical question: why has Pakistan fallen behind countries like Vietnam, Bangladesh, and India, which have outpaced Pakistan in exports and economic growth? He attributed this lag to an unfavourable development environment marked by conflict, instability, and short-term economic policies.
He stressed that successful nations, such as Singapore, Malaysia, and China, focus on long-term stability, peace, and consistent policies for at least a decade to drive sustainable growth.
