Pakistan requires a concerted national effort involving policy, industry, and capital to transform into a trillion-dollar economy, Federal Minister for Board of Investment, Qaiser Ahmed Sheikh, declared on Thursday, outlining a strategy focused on export-led growth and investor-friendly reforms.
Addressing the 8th Pakistan Leadership Conversation organised by ACCA today, the minister cautioned that fragmented progress would fail to deliver sustainable growth, asserting that true economic transformation is only possible through the complete alignment of policy, capital, industry, and state institutions.
Citing China’s developmental journey as a model, Mr Sheikh noted how its emphasis on value-added products and an export-driven strategy turned it into a global economic powerhouse. He contended that Pakistan could replicate this success by upgrading its production capabilities, enhancing quality standards, and advancing its position in the global value chain.
The minister underscored that sustainable development is critically dependent on a future-fit and skilled workforce. He stressed that productivity enhancement, rather than just headline GDP figures, must remain the nation”s “economic north star,” advocating for increased technology adoption, improved managerial capacity, and the formalisation of small and medium-sized enterprises (SMEs) to boost competitiveness.
Highlighting the role of digital transformation, Mr Sheikh stated that technologies such as artificial intelligence and fintech offer Pakistan an opportunity to leapfrog economically. However, he stipulated that this potential could only be realised if their adoption moves beyond pilot projects to large-scale, nationwide platforms.
The federal minister pointed to improving market sentiment, suggesting that rising investor confidence, as reflected in recent stock market performance, indicates growing trust in the country”s economic direction.
Reaffirming the vision of Prime Minister Shehbaz Sharif, he said the government is actively implementing reforms designed to improve the ease of doing business and provide regulatory predictability for investors.
To attract investment, the minister detailed specific incentives, including a 10-year income tax exemption available in Special Economic Zones (SEZs). He also informed attendees that approximately 6,000 acres of land are available for investment purposes near Port Qasim.
Furthermore, he highlighted that the government’s Business Facilitation Centre (BFC) is now operational, offering a one-window solution to streamline processes for both domestic and foreign investors.
Mr Sheikh concluded his address by reiterating the Board of Investment”s unwavering commitment to facilitating foreign investors and positioning Pakistan as a competitive, dependable, and future-ready destination for capital.