KEY POINTS
- Export-led growth is vital for economic development.
- Uraan Pakistan is an important initiative.
- Foreign remittances reached $ 15 billion.
- Gwadar Airport to be turned into a world-class commercial hub.
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Wednesday lauded the economic progress achieved in the past nine months of his government’s tenure and underscored the need for export-led growth for economic development.
Chairing a federal cabinet meeting in Islamabad, he emphasised that it is now time to move forward towards growth.
He described the launch of Uraan Pakistan, a homegrown five-year economic plan as an important initiative. He was confident that it would prove to be a good omen for the New Year.
The five-year plan aims to address key economic challenges through a targeted framework called the “Five Es” — Exports; E-Pakistan; Equity and Empowerment; Environment, Food and Water Security; and Energy and Infrastructure.
The Prime Minister noted that foreign remittances reached $ 15 billion in the first five months of the current fiscal year, expressing confidence that they could hit the historic $ 25 billion mark if the current trend continued.
He added tax collection target for December 2024, was achieved by 97 percent, which is encouraging. He said the trial run of the Faceless Customs Assessment System at Karachi Port has facilitated the business community by reducing the inspection time of containers by 38 percent.
“If want to achieve economic progress then it has to be export-led growth, we don’t have any other option — related to this, I believe we have to take off in the growth sector, stability has been achieved, and now we have to move forward,” he added.
Prime Minister Shehbaz Sharif said smuggling of sugar to Afghanistan has been brought to zero, crediting the Army Chief for his efforts in this regard. He added that these success stories have been achieved despite the sit-ins by certain elements.
He said an international airport has been established in Gwadar with the support of China noting the facility will be turned into a world-class commercial hub.
Shehbaz Sharif also paid glowing tributes to the security personnel for their sacrifices in the war against terrorism.
Deputy Prime Minister and Foreign Minister Ishaq Dar informed the cabinet that Pakistan is marking the start of its term as a non-permanent member of the UN Security Council for 2025-2026.
Furthermore, the Prime Minister sought the details of the last three months’ public sector imports via Gwadar Port which will be presented at the next cabinet meeting.
