The government, under Prime Minister Shehbaz Sharif, has launched the National Economic Transformation Plan with ambitious goals of doubling GDP growth and reducing poverty by 50% within five years.
The plan anticipates attracting $29 billion in investments through the Special Investment Facilitation Council (SIFC), with contributions expected from UAE ($10 billion), Saudi Arabia ($5 billion), Qatar ($2 billion), Azerbaijan ($2 billion), and Kuwait ($10 billion). It includes a detailed roadmap for implementation until 2029, with annual targets assigned to ministries and provinces.
Quarterly monitoring of progress will be conducted by the National Economic Transformation Unit (NETU), and sector-specific timelines will be reported to the prime minister. The GDP growth target is set at 6% by Fiscal Year 2028-29, up from 2.5% in 2023-24. Per capita income in dollar terms is projected to increase from $1,680 to $2,405 during this period.
Investment levels are expected to rise to 17% of GDP, while inflation will be kept at 6.2%, and poverty reduced from 21.4% to 12%. The long-term vision aims for a $1 trillion economy by 2035, with growth rates reaching 9.8%.
The “Uraan Pakistan” initiative focuses on export-led growth, moving away from the past reliance on import-led growth. Minister for Planning Ahsan Iqbal emphasized boosting exports in agriculture, industry, IT, services, mining, and the blue economy, targeting $60 billion in export revenues. He highlighted untapped potential in Chinese imports worth $2.7 trillion, where Pakistan’s share could rise significantly.
Addressing the slowdown in internet services, Iqbal explained that cybersecurity measures, including a firewall, had been installed, which caused temporary disruptions. Despite this, IT exports grew by 34%, showcasing resilience in the sector.
The minister appealed to expatriates to increase remittances through official banking channels, citing their importance for sustained economic progress.
