Pakistan aims to increase its exports to $100 billion by 2035 to reduce dependence on foreign loans and strengthen its economy. Federal Planning Minister Ahsan Iqbal shared the target on October 14 while addressing the 39th International Conference of the Pakistan Society of Development Economists in Islamabad.
The minister said Pakistan needs to move away from an economy driven mainly by consumption and focus more on producing goods and services for international markets. He stressed that better product quality, higher productivity, investment and long-term economic policies would be necessary to achieve the target.
Iqbal also called for policy continuity across changes in government, saying frequent shifts in economic direction have made it difficult for businesses to plan and compete internationally. He argued that stronger exports would help Pakistan earn more foreign exchange and reduce pressure to borrow from external sources.
Dr Nadeem Javaid, Vice Chancellor of the Pakistan Institute of Development Economics, highlighted another challenge. He said protection for domestic industries has reduced the incentive for some businesses to compete in international markets. Greater competition, he suggested, could encourage companies to improve quality and become more export-focused.
The conference, held on October 14 and 15, brought economists and policymakers together to discuss ways to build a stronger export-led economy.
