Ahsan Iqbal says rising global petroleum prices are affecting Pakistan, while IT exports, remittances and FBR revenues show growth.
Federal Minister for Planning and Development Ahsan Iqbal has said that Pakistan is facing the impact of a challenging global economic environment, particularly because of fluctuations in international petroleum prices.
Speaking to the media in Islamabad during the release of the monthly development report, the minister said global developments have contributed to renewed inflationary pressure in Pakistan over the past six months.
He noted that changes in international energy prices continue to create economic challenges for countries, making stronger domestic production and export growth increasingly important for Pakistan.
$100 Billion Export Target
Ahsan Iqbal said Pakistan needs to significantly expand its exports to strengthen economic independence. He set out a long-term ambition of taking the country’s exports to $100 billion, stressing that domestic economic activity should be connected with international markets.
According to the minister, increasing exports can help Pakistan generate foreign exchange and reduce dependence on external financing. He also emphasized the need to improve domestic production so that locally manufactured goods can compete in global markets.
New Auto Policy Expected
The federal minister also disclosed that the government is preparing to announce a new auto policy soon. The policy is expected to provide a framework for the future direction of Pakistan’s automotive sector and support broader industrial development.
The automotive industry remains an important part of the country’s manufacturing base, with localization and export potential among key areas of interest.
IT Exports and Remittances Rise
Ahsan Iqbal said Pakistan’s IT exports surpassed $800 million during July and August, highlighting continued expansion in the technology sector.
He further stated that remittances reached $7.3 billion during the same two-month period. Meanwhile, Federal Board of Revenue (FBR) collections recorded a 3.75% increase, indicating improvement in tax revenue generation.
The minister said Pakistan must continue building productive capacity and connect local industries with international markets through a stronger export-oriented economic strategy.