Export-led growth must for economic survival

ISLAMABAD: The federal minister for planning, development and reform, Ahsan Iqbal, stressed the need to promote export-led growth to survive in the international market.

He expressed these views while meeting with a delegation of Islamabad Chamber of Commerce at the Ministry of Planning, Development and Reform on Tuesday.

He said that chambers must closely coordinate with the ministry of planning, and assured of his support to ideas which would lead to an increase in the production levels.  Iqbal said that the private sector was the backbone of the country’s economy, and it should play an integral role in development by exploring new trade avenues and business opportunities.

He underlined the importance of political stability, and termed it as a necessary prerequisite for an export-led economy. Plans chalked out under Pakistan Vision 2025 should be actualised to increase our exports, he said, and stressed on the need for collaboration and partnership between government and chambers.

“We need out of box and non-traditional ways to increase exports. Islamabad Chamber of Commerce must establish a think tank to develop a plan for the next five years,” the minister said. “We need to incorporate ideas of productivity, quality and innovation in all the investments happening in the country.”  He said that the Chinese investment would play a positive role in convincing other countries to come forward and invest in Pakistan. He identified industry-research linkage as a challenge which the chambers must overcome in order to stir economic growth.

“Pakistani businessmen lack knowledge about the Chinese markets, import patterns, and ways of doing business, which is essential for increasing our exports to China,” Iqbal said.