Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, outlined the details of a transformative economic roadmap under the Udaan Pakistan initiative, aimed at boosting Pakistan’s exports to $60 billion.
The Minister chaired a media conference alongside Governor of the State Bank of Pakistan Jameel Ahmed and senior banking officials, emphasizing the pivotal role of commercial banks in achieving this economic goal.
“Issuing from Udaan Pakistan is not just a program; it’s a vision for a prosperous and progressive Pakistan,” Iqbal stated. “For success, collective action and innovation are crucial, and commercial banks will play a significant role in empowering SMEs, supporting emerging industries, and ensuring the prosperity of the nation.”
He highlighted the need to diversify beyond traditional textiles, focusing on sectors such as IT, agriculture, mining, labor exports, the blue economy, and cultural industries to achieve 6-10% annual export growth. Pointing to the significant potential of Pakistan’s SMEs, Iqbal noted that with the right cooperation, these businesses could contribute $40 to $60 billion in exports over the next five years.
Reflecting on lost opportunities over decades, Iqbal expressed optimism for the future, stating, “Pakistan has made three critical economic take-off attempts in the past, but each was derailed by wars, political instability, or policy changes.
Udaan Pakistan offers us the opportunity to rewrite that history with a sustainable, forward-thinking vision.” He also noted the government’s focus on the “Five E’s” – e-Pakistan, Environment, Energy, Equity, and Economy – as key pillars of the country’s development strategy.
“The financial sector is the backbone of our economy,” he remarked, adding, “Banks must double export loan disbursements, introduce risk-mitigation tools, and adopt digital trade finance solutions to empower exporters and reduce transaction timelines.”
While acknowledging the challenges of political instability, low literacy rates, and rising energy costs, Iqbal expressed confidence in overcoming these barriers through mutual cooperation and policy reforms.
The Minister emphasized, “Pakistanis excel in every field, but collective effort remains our weakness. Udaan Pakistan is about uniting Pakistan, innovating, and positioning it as a success story of fast-paced economic growth.”
