Pakistan Must Focus on Productivity, Quality, and Innovation to Strengthen Economy: Ahsan Iqbal

Islamabad, November 21, 2024: The Ministry of Planning, Development, and Special Initiatives inaugurated the National Productivity, Quality, and Innovation (PQI) Summit 2024 in Islamabad on Thursday. This two-day event revolves around the theme “Driving Growth Through Excellence in Productivity, Quality, and Innovation.”

The summit began with an opening address by Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal, who emphasized the crucial role of productivity, quality, and innovation in driving sustainable economic growth and enhancing Pakistan’s global competitiveness.

The event brought together a wide range of stakeholders, including esteemed academics, CEOs of leading brands, leaders from chambers of commerce and industry, and corporate executives. Senior officials from the Ministry of Planning, including members, chiefs, and project directors, also actively participated in the discussions.

In his address, Ahsan Iqbal highlighted Pakistan’s achievements despite early challenges post-independence. “From limited resources, Pakistan has risen to become the seventh nuclear power and is now manufacturing advanced aircraft. However, we must acknowledge that we have lagged behind in key sectors compared to other nations,” he remarked.

He pointed out that in 1980, Pakistan’s per capita income was higher than China’s, but the gap has since widened, with Bangladesh and India surpassing Pakistan in economic growth. “We must decide now whether we will become a successful nation in the next 30 years,” he stated.

Ahsan Iqbal stressed collective responsibility to restore Pakistan’s progress. “In 2013, Vision 2025 set the foundation for a brighter future. We overcame 18-hour power outages by 2018, and the world recognized Pakistan’s potential to join the top 30 economies. But, in 2018, the government disrupted progress, stalling CPEC projects and straining key partnerships,” he said.

He added that since 2022, efforts have been made to revive the economy. “Today, the stock market is rising, exports are growing, inflation is down to 7%, and the stock market has crossed the 96,000-point threshold. To further strengthen the economy, we need political stability, policy continuity, and an export-led growth model, with focus areas in human resource development, IT, agriculture, and mining. If we align our products with global standards, Pakistan can become a competitive economy.”

Discussing the summit’s core themes, Ahsan Iqbal noted, “Productivity, quality, and innovation are the bedrock of economic success. By adopting these principles, we can increase our exports from $30 billion to $100 billion.”

Speaking on the occasion, Secretary Planning Owais Manzoor Samra said that economic progress depends on adopting productivity, quality, and innovation. “Productivity is not just about working hard but working smart. We need to eliminate inefficiencies and integrate modern technologies. This seminar reflects the government’s commitment to these goals,” he added.

In his concluding remarks, Ahsan Iqbal announced that the Prime Minister will soon launch the “5Es Framework” to promote sustainable development across all sectors. “As a Muslim nation, Pakistan has unique strengths. By turning aspirations into reality, we can secure our place on the global stage. I am confident that the expert panel here will develop actionable strategies for productivity, quality, and innovation,” he concluded.

The summit provided a platform for stakeholders to exchange ideas and develop strategies for accelerating Pakistan’s economic growth through productivity, quality enhancement, and innovation.