Ahsan Iqbal calls for streamlined policies to facilitate sustainable development

ISLAMABAD: Minister for Planning, Development & Special Initiatives, Ahsan Iqbal on Wednesday called for streamlined policies to facilitate and build a collaborative environment for sustainable development. Addressing the Inaugural Session of the Islamabad Business Summit 2023 titled “The Big Rethink”, the minister shared his vision of five essential Es for a sustainable and stable future: Exports, e-Pakistan (digitization), Environment (water security and food security), Energy (move to renewables), and Equity & Empowerment.

“We are looking at education, health, and population control as our drivers and are targeting 20 poorest districts for an accelerated development program to end disparity,” Iqbal said. The minister also complained about the frequent discontinuation of governments that affected the country’s economic growth and prosperity, as policies were not completed in time.

Khurram Dastgir Khan, Minister for Power, said that as a result of the disruption of the Ukraine war and ensuing rethinking, Pakistan’s electricity generation will now be indigenized for sustainability and growth.

“We will have five sources, out of which four will be domestic and one will be semi-domestic. Solar and wind have become much cheaper, we are going for large scale. It will bring down the price.”

The power minister said that despite immense devaluation, they have been holding on to the base tariff for electricity since September 2022, owing to the new energy source from Thar Coal.

Top executives, entrepreneurs, and economists gathered at the summit proposed a series of measures aimed at bolstering the nation's economic and social well-being, with major recommendations they offered included urging authorities to prioritize political stability and letting political parties complete their political tenures to implement their policies and decisions. They also asked for concentrated efforts on boosting exports, advancing technology, and fostering regional trade. Additionally, participants emphasized the importance of a well-coordinated policy execution in conjunction with the planning commission, ensuring a comprehensive approach to achieving the desired outcomes. Aamir Ibrahim, CEO of Jazz and chairman of Mobilink Microfinance Bank, said that the industry has recently seen a noticeable increase in frequent and prolonged internet disconnections across the country.

“Regardless of the underlying political concerns, this situation has a detrimental impact on the economy and undermines investors' confidence,” he added. “Although Pakistan offers relatively low internet and calling tariffs compared to other countries, the prices of smartphones remain considerably higher. This is significant considering the potential opportunities for earning, such as e-gaming and platforms like TikTok, particularly for the young generation.”

Reinforcing the need for renewables, Ghias Khan, President & CEO, Engro Corporation, said that the biggest challenge is the rising cost of energy, which needs to be addressed urgently. "Wind and solar alone cannot manage the load; we would need to include the Thar Coal project to curb the price surge.” Yousaf Hussain, President & CEO, Faysal Bank Limited, said that the bank’s journey to Islamic instruments is a testament to the possibility of rethinking and reimagining. “There must be minimization of disruption. Customers, stakeholders, and investors all must be brought on the same page alongside regulatory compliance.”

He highlighted the need for an increased awareness of Islamic Banking and urged the academia to play its role. Moonis Alvi, CEO, K-Electric Limited, stressed on the need for privatization by referring to the loss incurred by K-Electric as to how it is not contributing to circular debt in any way, and was accounted for. “Disruption in the power sector can be brought about through privatization. A non-exclusive distribution license will shape Pakistan’s future, especially concerning the power sector.”

Earlier, Muhammad Azfar Ahsan, Founder & CEO Nutshell Group, in his welcome address, elaborated on the theme “The BIG Rethink” for progress. “I blame incompetence, lack of political will, absence of collaboration between stakeholders, and lack of continuity of policy framework for bringing us to the present condition,” he said.