ISLAMABAD, Jan. 1 (Xinhua) -- Pakistani Prime Minister Shehbaz Sharif launched the country's National Economic Transformation Plan 2024-29 here on Tuesday aimed at achieving a 6-percent gross domestic product (GDP) growth and increasing annual exports to 60 billion U.S. dollars.
The five-year initiative, titled Uraan Pakistan (Rise Pakistan), seeks to tackle Pakistan's pressing economic challenges through a targeted framework, including exports, equity and empowerment, environment, food and water security, energy and infrastructure.
Addressing the launching ceremony, the prime minister emphasized the need for a collective approach under the plan to address the country's economic challenges.
Sharif added that his government will focus on growing industry, commerce, information technology, trade, and investment and finding new markets for made-in-Pakistan products across the world as export-led growth would be the foundation of Pakistan's economic revival.
The prime minister outlined key strategies to achieve economic growth, stressing the importance of reducing input costs, encouraging investment, and removing import restrictions to foster competition and efficiency.
Sharif reaffirmed his government's commitment to combining high-quality development with greater security and pursuing both flagship initiatives and small-scale welfare projects, including the China-Pakistan Economic Corridor.
The premier emphasized that success would require collective efforts, unity of purpose, and relentless pursuit of reform.
Earlier at the ceremony, Finance Minister Muhammad Aurangzeb highlighted the importance of the plan in setting Pakistan on a path toward sustainable economic growth.
He elaborated on the plan's three primary pillars, saying that the government will stimulate private investment, which is key to generating jobs, increasing incomes, and lowering living costs through a more competitive economy.
He recognized the increase in exports as a driver of productivity growth and economic stability, saying that the government will bring fiscal discipline and stability through reforms, including the establishment of a separate tax policy unit within the Ministry of Finance. ■
