Ahsan Iqbal Envisions $40-60 Billion Export Potential for SMEs Within Five Years

Minister for Planning, Development, and Special Initiatives Ahsan Iqbal announced that Small Medium Enterprises (SMEs) in Pakistan have the potential to achieve $40-60 billion in exports over the next three to five years. Speaking at the “Export-led Economy – Race to $100 billion” event, he emphasized the government’s commitment to enhancing the SME sector to realize this potential.

Iqbal highlighted the necessity for improving production capabilities and leveraging key sectors such as agriculture, manufacturing, and information technology to drive economic growth. He proposed collaborating with relevant departments to develop a clear roadmap aimed at boosting exports.

The minister set an ambitious goal of increasing total exports to $100 billion within the next eight years, indicating that while achieving this target would bring significant benefits, failing to do so could lead to serious challenges. He pointed out that only 70 out of 500 companies on the Karachi Stock Exchange currently contribute to exports, which highlights a need for better policies and incentives to encourage private sector involvement in export growth.

Commerce Minister Jam Kamal Khan echoed these sentiments, attributing the recent decline in exports to high interest rates, rising production costs, and external factors such as the COVID-19 pandemic and the Ukraine conflict. However, he expressed optimism about a formulated strategy that aims to boost exports to $60 billion, underscoring the positive shift in investor confidence following the IMF program.