Federal Minister for Planning, Development and Reforms Ahsan Iqbal on Thursday said Pakistan was heading towards default, but the incumbent government took tough decisions and brought the national economy out of the red zone.
All-out efforts were made to further stabilize the economy, he said addressing the business community here at the Islamabad Chamber of Commerce and Industry.
Ahsan Iqbal stressed that a quick jumpstart in exports, export-led economic growth, enhanced tax revenue, $25-30 billion annual foreign direct investment (FDI), political stability and consistency in policies were key requirements for Pakistan to emerge as a stable economy.
He said China’s annual imports were $1 trillion and Pakistan’s business community should focus on increasing their share in that huge market.
The government, he added, was also focusing to facilitate the small medium enterprises, and optimizing businesses and agriculture sectors to improve the economy.
It was seeking proposals from chambers of commerce to abolish laws or amend them that were creating hurdles for the private sector in order to turnaround Pakistan, he said, urging the ICCI to form a task force to develop such proposals and share them with his ministry for consideration and implementation.
He said the ICCI should share its proposal for industrial estate in writing that would be given due consideration. He announced that the ICCI would be given representation in the Advisory Board of the Ministry of Planning.