ISLAMABAD - Federal Minister for Planning, Development & Reforms Ahsan Iqbal Wednesday said that due economic reforms and CPEC world is looking at Pakistan's economy with great positivity and we should seize the opportunity.
Country's democratic system has matured enough to withstand the worst conspiracy against democracy like last year's "Dharna", which means that now we can look forward to political stability and continuity, the missing links in our development calculus, with greater confidence, the minister stated while speaking at National Consultative Roundtable on SME Development Policy and Initiatives.
He said that no country on face of earth can develop without political stability and it is unfortunate that we seldom talked about cost of political instability for a country. He however pointed out that it is good that country have a democratic system that can absorb the political shocks.
He said that all political forces are united on single point that we should all stick to rules of games for the sake of democracy and prosperity of the country. Similarly, national economic policies should be above partisan politics.
Ahsan Iqbal also spoke on the lack of any economic vision in the first decade of 21st century, after military takeover in 1999, and said that the economic and energy challenges that turned into gigantic task are result of absence of that vision. However present government realizing this need devised Vision-2025 that gives a clear roadmap as how to push the country in top 25 economies of the world in next ten years, the minister added.
He said that country needed 7-8 percent growth rate in next few year to create jobs for the growing young population of the country and for such growth rate, we need leapfrogging jump in export sector. We must cross $150 billion exports target by 2025, he added.
Minister said that for substantive growth in export sector, SMEs can play a critical role by integrating them with global supply chain and focusing on their value-addition. He said that government has initiated various projects this year especially cluster based develop strategy for growth in exports.
Minister also emphasized the need upon restructuring and reorientation of export policy with the help of private sector and said that SMEs has a pivotal role in it. He also called for liberating SMEDA from cumbersome governmental regulations to allow it function professionally.
Minister said that strategy of government to develop SME sector includes growing ability to integrate with global economy through trade and investment, improving macro economic conditions to maintain sustainable government finances and sound money, and developing institutional environment in which contracts can be enforced and property rights established. We are working with private sector to strengthen business support system and urging financial institutions to enhance their capacity to construct profitable SME lending programmes.