ISLAMABAD  -  Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal has Monday hoped that the annual volume of Pakistan’s economy will be $3 trillion and the country will be counted among the top 10 economies of the world by 2047.

Ahsan Iqbal expressed these view while addressing the ‘Data Fest 2024’ organised by Pakistan Bureau of Statistics (PBS). Meanwhile, the Competition Commission of Pakistan (CCP) and the Pakistan Bureau of Statistics (PBS) have signed a memorandum of understanding (MoU) to strengthen cooperation and improve data utilization. The MoU was formalized at the inaugural National Data Fest-2024, held here. The MoU was signed by Dr Kabir Ahmad Sidhu, chairman CCP, and Muhammad Sarwar Gondal, member PBS. The agreement aims to promote efficient data sharing and in-depth analysis, supporting evidence-based decision-making.

The planning minister said that in the current era, data-driven, knowledge economies are ruling the world, and data sets, data integration and Artificial Intelligence are significant for the sustainable economic development of any country. He further said, “Today we have entered a world that is undergoing the most rapid changes in human history.” Ahsan Iqbal said that in today’s world modern data science drives the economic revolution in the world, and data analytics and advanced technology have fueled the modern economic development and digital revolution. He said that data science is the core of artificial intelligence, and its quality is the foundation of any economic theory and development in the modern world and for that, our economy needs very reliable data. The minister said that behind the economic development of any nation are 10 years of continuous policies, which pave the way for their development. He said that now the government is working on the next five-year plan and today when I read the Vision 2025 made in 2014, it seemed that we had written the same problems we are facing today in the country. In 2017-18, Pakistan had overcome the issue of energy and terrorism, the country was moving fast with the China Pakistan Economic Corridor (CPEC), but today we are back to where we were in 2013. He said that for sustainable economic development in the country, we need continuity of policies to achieve our economic goals.

“Our economy needs reliable data, with which we can measure the direction of progress.” Similarly, data sets are also required for business development and only the nations, businesses or individuals can use data in a better way can achieve their economic goals, he said. “I am happy that there are a large number of young people here today, who will determine their future through data science and youth should have the ability to use data properly. Our young generation is going to participate in an economic marathon race based on modern technology and data-driven economies” he said. He further said “We have presented the positive side of Pakistan to the world through the three day’s head of the government meeting of ‘Shanghai Cooperation Organization’ in Islamabad.” He said that all economic indicators of the country are showing positive growth. The inflation rate is down at single digit and our youth have the potential to take Pakistan to a high position in the world.