Federal Minister for Planning, Development and Special Initiatives, Prof Ahsan Iqbal, on Saturday called on the government and private sector to work in tandem to achieve an ambitious $100 billion export target, describing the effort as an “export emergency.”
Addressing the ceremony Marka-e-Haq and 78 years of Independence Day celebrations – Uraan Pakistan – held at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Iqbal emphasized that Pakistan’s economic stability depends on export-led growth, tax reforms, and foreign direct investment. He highlighted the business community as the main engine of the economy, asserting that the private sector would be pivotal in steering the country away from cycles of past instability.
The minister identified eight sectors crucial to Pakistan’s export expansion, including hospitality, IT, mining, manpower, the blue economy, and creative industries. He urged FPCCI to immediately form eight joint working groups with the government to develop actionable strategies in each sector.
“Pakistan has faced severe economic crises in the past two years, but today international institutions are recognising our macroeconomic turnaround,” Iqbal said. “We have to ensure that this turnaround becomes sustainable by focusing on exports and productivity.” He likened the current phase to Pakistan’s “fourth flight,” referencing earlier failed attempts at sustained economic take-off. “The success of this Uraan depends on learning from the past three crashes. If we repeat old mistakes, we will fail again. But if we innovate, reform, and stand united, this time Pakistan will truly fly,” he added.
Iqbal underscored Karachi’s status as the heart of Pakistan’s economy, noting that FPCCI represents industries and businesses driving national growth. He also highlighted that the tax-to-GDP ratio remains among the lowest globally, underlining the urgent need to broaden the tax base.
State Minister for Religious Affairs and Interfaith Harmony, Kheal Das Kohistani, also addressed the gathering, commending the business community for its resilience and crucial role in strengthening the economy. FPCCI President Atif Ikram Shaikh pledged full support to the government’s export-led strategy, stating that positive reports from global institutions have bolstered confidence in Pakistan’s economy. “Through research-based policy inputs, FPCCI will continue providing feedback to the government to align strategies with ground realities,” Shaikh said. He added that opportunities under the Public-Private Partnership (PPP) model would help accelerate growth.
Senior Vice President FPCCI Saqib Fayaz and industrialist Bashir Jan Mohammed emphasized the need for closer cooperation between policymakers and businesses to maintain momentum.
SM Tanveer, Patron-in-Chief of the United Business Group (UBG), stressed that Pakistan’s $40 billion trade deficit can only be addressed through aggressive export promotion. “The solution is export, export, and only export,” he declared. Tanveer also highlighted FPCCI’s efforts in reducing electricity tariffs from Rs48 per unit to Rs31 per unit, while noting that work continues to bring rates down to 9 cents (Rs26 per unit). He added that lowering interest rates from 11% to 6-7% could save the government Rs3,500 billion annually in debt servicing.
Tanveer urged the government to focus on the “district economy,” giving local leadership authority over regional economic planning. “Every district in Pakistan can export its own product and earn foreign exchange. Decentralisation will strengthen the economy,” he argued.
