Minister sets ambitious goals for Pakistan’s economic self-reliance

Lahore: Federal Caretaker Minister for Commerce, Industries and Investment Dr. Ejaz Gohar expressed confidence in the government’s efforts to steer the country’s economy towards self-reliance.

Addressing the 3-day 3rd Engineering and Healthcare Show organized by the Ministry of Commerce and Industries in collaboration with the Trade Development Authority of Pakistan (TDAP) at the Expo Centre here on Friday, Gohar outlined key strategies for sustained economic progress.

The minister emphasized the need for the upcoming elected government to uphold the current administration’s pace and policies, particularly focusing on achieving a formidable 100 billion dollar export target within the next ten years. Gohar stressed that the primary focus should be on increasing exports, and to facilitate this, the government is introducing export-friendly facilities.

Identifying economic challenges as Pakistan’s major issue, Gohar underscored the importance of increasing exports tenfold and strengthening various sectors, particularly textiles, agriculture, and the power sector. He revealed that despite IMF conditions, Pakistan managed to increase exports by 50 per cent in the past five months, when July 2023 export volumes was 2 billion dollars.

Highlighting efforts to boost the exports, Gohar announced a subsidized rate of 9 cents per unit of electricity for all industries. He affirmed the government’s commitment to fortifying textiles, agriculture, and other sectors crucial for economic growth. The minister noted a monthly increase of one billion dollars in exports over the past three months, and with revised tariffs, he anticipated a doubling of the country’s export figures.

During his visit to various stalls at the Expo, Minister Gohar engaged with representatives from different companies who briefed him on their manufacturing processes. Gohar concluded his address by expressing optimism about Pakistan’s promising economic direction and hoped that successors would continue on this journey towards making the nation an Islamic economic power.