Meeting between Federal Minister Ahsan Iqbal and Pakistan’s Permanent Representative to the UN, Ambassador Munir Akram

By web desk On Nov 4, 2024

4 Nov 2024

Islamabad: Federal Minister Ahsan Iqbal recently met with Ambassador Munir Akram, Pakistan’s Permanent Representative to the United Nations, to discuss strategic measures aimed at enhancing Pakistan’s exports and fostering economic growth.

During the meeting, Ahsan Iqbal emphasized Pakistan’s focus on increasing productivity to expand exports. He highlighted the need for Pakistani businesses to adopt robust expansion strategies, stating that “it is essential for our traders and industries to scale up their operations and contribute to our economy’s growth.”

Acknowledging the challenges of high electricity costs, the minister pointed out Pakistan’s advantage in terms of affordable labor, making the country an attractive destination for manufacturing and export-oriented businesses.

Addressing the current state of Pakistan’s stock market, Ahsan Iqbal noted that out of a total of 530 companies, only 70 companies have exports exceeding $10,000. He urged these companies to aim higher and utilize their potential to increase their export volumes, stating, “With Pakistan’s vast business talent, every company should aim to exceed $10,000 in exports.”

Furthermore, the minister expressed optimism about the recent surge in investment through the Special Investment Facilitation Council (SIFC), which is expected to accelerate Pakistan’s economic progress. He highlighted that SIFC is paving the way for substantial investments, fostering a conducive environment for business growth and development.

He also discussed the challenges faced by bureaucracy due to fear of accountability measures, noting that “there was a time when officials were reluctant to even process files worth 10 rupees due to the pervasive fear of NAB.” He emphasized that a supportive environment is necessary to enable swift decision-making and facilitate investment.

Minister Ahsan Iqbal concluded by expressing confidence that the ongoing investment and economic reforms will set Pakistan on a fast track towards sustainable development.