Karachi, November 16, 2023 – Dr. Shamshad Aktar, the Finance Minister of Pakistan, has asserted that Pakistan has the potential to become a $2 trillion economy by 2047 through the implementation of robust economic and sectoral policies.
Speaking virtually on the second day of the two-day Future Summit in Karachi, she highlighted the need for determined structural reforms and innovative approaches for sustainable growth.
The Finance Minister referenced a World Bank report, suggesting that the current economy of Pakistan, valued at $350 billion, could grow substantially to $2 trillion by 2047 with the right policy framework and commitment to challenging structural reforms.
“The key to unlocking Pakistan’s economic potential lies in the formulation and implementation of sound economic and sectoral policies. We need more innovation and diversity in our economic structure to ensure sustainable growth,” said Dr. Shamshad Aktar during her address at the summit.
The 7th Edition of the Future Summit, held under the theme “THE BIG PICTURE,” was jointly hosted by Nutshell Group and HBL, powered by Unity Foods Limited, in collaboration with the Overseas Investors Chamber of Commerce and Industry (OICCI) and Corporate Pakistan Group.
The summit featured sessions on various themes, including ‘Imagineering the Future,’ ‘Reimagining Leadership, Productivity & the Workplace,’ ‘Creating Impact,’ and ‘Emerging Issues.’ Distinguished speakers, including Douglas Corley, Bob Ferguson, Paul Papadimitriou, and others, shared insights on topics ranging from the power of communication in business success to embracing uncertainty and comprehending the future with resilience.
Dr. Rehan Al Taji, Abdul Haseeb, Nadir Salar Qureshi, Dr. Anum Jawed Akhai, Shabnam Mohammad, and Arshad Saeed Husain participated in a dialogue on ‘Reimagining Leadership, Productivity & the Workplace,’ addressing the challenges and opportunities for corporate leaders in the evolving business landscape.
In a session on ‘Creating Impact,’ H.E. Jane Marriott, CMG, OBE, High Commissioner of the UK in Pakistan, emphasized the importance of climate literacy and business leaders’ involvement in understanding and addressing climate change.
The summit also delved into the crucial topic of financial inclusion, featuring a panel discussion on ‘Financial Inclusion: From Access to Economic Empowerment,’ with participants including Prof. Francis Davis, Sagheer Mufti, Basir Shamsie, Michael Hartmann, Sara Koslinska, Ghazanfar Azzam, and Jahanzeb Khan.
Muhammad Aurangzeb, President & CEO, HBLsaid, “Private sector needs to lead Pakistan out of the issues we are grappling with. We need to talk about Charter of Business and fundamentally review our business models.”
The event concluded with a session on ‘Emerging Issues,’ where speakers like Abdul Qadir Memon, Tara Love Perry, and Prof. Mark Turrell provided insights into evolving challenges and perspectives on issues such as the development of domestic commodities and the impact of AI on leadership and growing business.
A panel discussion titled ‘Talk amongst Titans on ‘THE BIG PICTURE – Business & Investment Landscape” featured Ehsan Malik, Arif Habib, Dr. Zeelaf Munir, and Maheen Rahman. The discussion touched upon the challenges facing Pakistan and proposed strategic solutions for economic security, sustainable growth, and imagination beyond the prism of the elite.
The summit’s closing addresses were delivered by Dr. Moeed W. Yousaf, Vice Chancellor, Beaconhouse National University; Muhammad Aurangzeb, President & CEO, HBL; and Gen Zubair Mahmood Hayat (Rtd), Chairman Joint Chiefs of Staff Committee (2016-2019). Dr. Yousaf highlighted the importance of economic security for dealing with future challenges, while Aurangzeb emphasized the need for the private sector to lead Pakistan out of its current issues.
As the Future Summit concluded, participants and speakers expressed optimism about the collaborative efforts and discussions igniting positive change and progress in Pakistan’s economic landscape. The summit served as a platform for shared aspirations and commitment to shaping a better tomorrow for the nation.
