Pakistan aims to become a $100 billion export economy by 2031

WEB DESK: The Pakistani government is eyeing a substantial boost in its foreign exchange reserves as it strives to propel the nation towards becoming a robust export-oriented economy worth $100 billion within the next 7 to 8 years.

This ambitious target was announced by the Planning Minister, Ahsan Iqbal, during the inaugural session of the first Steering Committee on the 5Es framework today.

A press release issued on the same day disclosed that the Steering Committee has outlined plans to convene a one-day ‘consultative workshop’ post-Eid, inviting officials from all ministries and relevant stakeholders to deliberate on implementing the framework.

The 5Es framework revolves around five pivotal pillars: Exports, E-Pakistan, Environment and Climate Change, Energy and Infrastructure, and Equity and Empowerment.

Last June, the National Economic Council sanctioned this framework, prompting the Planning Ministry to expedite its execution.

The formation of the Steering Committee and collaboration with all ministries mark crucial steps in this endeavor, as directed by Planning Minister Ahsan Iqbal.

During the forthcoming workshop, stakeholders and experts from diverse backgrounds, including academia and industry, will be summoned to present their proposals.

These inputs will play a pivotal role in finalising the action plan for executing the 5Es framework.

Chairing the meeting, Minister Ahsan Iqbal urged ministries to present comprehensive proposals aligned with their respective ‘Es’ during the workshop.

He emphasised the importance of holistic plans with clear inputs and outputs to ensure effective implementation.

Highlighting the pivotal role of sectors like agriculture, industry, and services, Minister Iqbal stressed the significance of embracing technological advancements.

He underscored the need for forward-looking planning, considering the profound impact of digital technology on various sectors.

“Our foremost priority is to enhance our governance system and modernise the economy,” stated the minister, emphasising the imperative of addressing governance issues. He underscored the importance of digitisation and building infrastructure for a knowledge-based economy.

Minister Iqbal also emphasised the significance of achieving self-sufficiency in the energy sector and ensuring affordable prices for industrial and domestic consumers to bolster productivity.

Additionally, he stressed the need for equitable development in the social sector and highlighted the importance of reforms in this regard.