5Es Framework: Propelling Towards a $1 Trillion Economy by 2035

The Pakistan Development Summit aims to create a roadmap to achieve a $1 trillion economy by 2035, focusing on key areas: Export growth, Environmental sustainability, Energy security, Equity and Empowerment, and E-Pakistan. Key stakeholders have been extended invitations to offer their insights on the implementation of the 5Es Strategy. The collective expertise at this summit will inspire a comprehensive implementation strategy for the 5E Framework."

Planning Minsiter Ahsan Iqbal addressing the Pakistan Development Summit highlighted vital factors necessary for Pakistan's economic progress and prosperity. The summit, attended by federal secretaries, ministry officials, private sector experts, academia and Industrial sector experts, and youth aimed to chart a comprehensive work plan for a national project.

In his address, Prof Ahsan Iqbal acknowledged Pakistan's abundance of blessings and the industrious nature of its people but underscored the need for effective management to harness these resources optimally.

"Peace, political stability, continuity of policy, and continuous reform," Prof Ahsan Iqbal reiterated, are the four pillars essential for any country's rapid development.

Drawing from global examples, he emphasized the critical role of sustained political stability in fostering economic growth, citing instances from countries like China, Japan, and South Korea.

Reflecting on Pakistan's historical missed opportunities, Prof Ahsan Iqbal highlighted the importance of seizing transformative moments such as the introduction of economic reforms and the initiation of the China-Pakistan Economic Corridor (CPEC). He lamented the consequences of political disruptions on the nation's economic trajectory, stressing the need for consistent policies to avert setbacks.

Export Growth: Prof Ahsan Iqbal highlighted export growth as a cornerstone of Pakistan's economic transformation. He emphasized the need to boost Pakistan's export capacity to $100 billion within the next decade, positioning the country as a global trade leader. To achieve this ambitious target, he stressed the importance of fostering a conducive environment for businesses, enhancing productivity, and diversifying export markets. Initiatives such as productivity enhancement, market diversification, and strengthening the IT sector were identified as key strategies to drive export growth and reduce the trade deficit.

Environmental Sustainability: Addressing environmental sustainability, Prof Ahsan Iqbal underscored the urgent need for a green revolution in agriculture and water conservation initiatives. He emphasized leveraging technology and modernizing agricultural practices to enhance productivity while mitigating the impact of climate change. The focus was on promoting sustainable farming practices, conserving water resources, and adopting eco-friendly technologies to address environmental challenges. Prof Ahsan stressed the importance of sustainable development to ensure a healthy environment for future generations.

Energy Security: Energy security emerged as a critical priority in Prof Ahsan Iqbal's address, with a focus on sustainable and affordable energy solutions. He advocated for a shift towards renewable energy sources to reduce dependence on fossil fuels and mitigate environmental impact. Prof Ahsan emphasized the need to empower Pakistan's youth to drive innovation in the energy sector, promoting clean energy technologies and enhancing energy efficiency. The goal is to ensure reliable and affordable energy access for all while minimizing carbon emissions and environmental degradation.

Equity and Empowerment: Promoting equity and empowerment was highlighted as essential for inclusive growth and social development by Prof Ahsan Iqbal. He stressed the importance of reducing inequality and empowering marginalized communities to participate fully in the economic landscape. Prof Ahsan called for policies aimed at providing equal opportunities for all citizens, including access to education, healthcare, and economic resources. The goal is to create a more inclusive society where every individual has the opportunity to fulfill their potential and contribute to the nation's progress.

E-Pakistan: Prof Ahsan Iqbal also emphasized the significance of digital transformation, branding it as "E-Pakistan". He highlighted the potential of technology to drive economic growth, enhance efficiency, and improve governance. Initiatives such as promoting digital literacy, expanding internet access, and fostering innovation ecosystems were identified as key strategies to harness the power of technology for national development. Prof Ahsan stressed the need for a comprehensive digital strategy to leverage Pakistan's demographic dividend and position the country as a digital leader in the region.

In concluding remarks, Prof Ahsan Iqbal underscored the need for a united effort towards achieving Pakistan's economic aspirations. He called upon every Pakistani to take ownership of the nation's future, emphasizing that collective diligence and commitment would pave the way for sustained progress and prosperity.

The Pakistan Development Summit serves as a platform for fostering collaboration and charting a course towards a prosperous future for the nation.