Key Takeaways
- Prime Minister Shehbaz Sharif seeks recommendations from industrialists to boost exports.
- The government aims for at least 6% sustainable economic growth, driven by exports.
- A Rs3bn risk pool for export credit insurance will support small and medium-sized enterprises.
Prime Minister Shehbaz Sharif has called for input from the business community to enhance export-led growth in Pakistan, emphasizing that any economic growth must be export-driven.
Addressing a meeting with prominent business leaders, PM Shehbaz stated, 'Whatever growth we have to achieve, it has to be export-led growth, period.'
He highlighted the importance of teamwork between the government and the business community, crediting their consultations for bringing about structural reforms that recovered Rs800 billion in one year.
Planning Minister Ahsan Iqbal has previously stated that the government is pursuing a strategy to diversify exportable products and market portfolios to achieve a target of six per cent sustainable economic growth.
Finance Minister Muhammad Aurangzeb has focused on building an ecosystem to support sustainable growth led by the private sector and export-driven, noting that Pakistan has moved from stabilisation towards growth but now faces the challenge of ensuring its sustainability.
PM Shehbaz welcomed the launch of export insurance coverage by the Export Development Fund (EDF) and the Export-Import Bank of Pakistan, which will help small and medium enterprises (SMEs) expand exports.
The Rs3bn risk pool for export credit insurance will provide support to SMEs, enabling them to increase export volumes and strengthen the national economy.
PM Shehbaz recalled that in the run-up to the federal budget presented in June, the government held multiple meetings with the business community to discuss structural changes and reforms.
He expressed confidence in the business community's ability to contribute to the country's economic growth, stating, 'Through your consultations in difficult times, the way we brought structural changes over the past two-and-a-half years … it’s teamwork.'
Whatever growth we have to achieve, it has to be export-led growth, period.
Prime Minister Shehbaz Sharif, Prime Minister of Pakistan
Through your consultations in difficult times, the way we brought structural changes over the past two-and-a-half years … it’s teamwork.
Prime Minister Shehbaz Sharif, Prime Minister of Pakistan
