Islamabad, Pakistan plans to escalate its economy to $3 trillion by 2047, aiming for an aggressive annual growth rate of 9%. Minister Ahsan Iqbal, speaking at the Leaders in Islamabad Business Summit, detailed the strategic initiatives involving enhanced public-private collaborations and significant foreign investments from nations like China and Saudi Arabia, which are pivotal in realizing these economic goals.

According to Press Information Department, Minister Iqbal emphasized the critical juncture for international investments in Pakistan, citing the country’s efforts to boost productivity and make its industries more competitive on the global stage. The Minister stressed the importance of developing business ecosystems to optimize value chains and promote sustainable growth, taking cues from the economic success stories of Japan, Korea, Singapore, and Malaysia.

Minister Iqbal also highlighted the necessity of transitioning from a domestically focused market to an export-oriented economy, underlining the essential role exports play in national revenue and global supply chain integration. Future plans include reducing regulatory burdens to foster a more business-friendly environment and encouraging entrepreneurial ventures through streamlined processes.

The summit, which took place on April 22nd and 23rd, served as a platform for discussing the enhancement of Pakistan’s business competitiveness and its integration into the international economic framework. With initiatives like the Saudi Investment Facilitation Council, Minister Iqbal reiterated the government’s commitment to attracting global business and investments, crucial for achieving the targeted $3 trillion economy.