Ahsan sees SIFC, CPEC-5Cs as ‘golden opportunity’ to succeed 5Es framework

Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal on Tuesday described the Special Investment Facilitation Council (SIFC) and the CPEC-5Cs (Corridors) framework as two ‘golden opportunities’ for Pakistan to transform its 5Es framework into a reality. “The SIFC and CPEC corridors are very well aligned with our 5Es (Exports, Equity and Empowerment, E-Pakistan, Environment & Climate Change, and Energy and Infrastructure) framework, and are helpful in its implementation,” he said while giving a presentation on Uraan Pakistan – 5Es National Economic Transformation Plan (2024-29). Prime Minister Muhammad Shehbaz Sharif unveiled ‘Uraan Pakistan’ – the homegrown National Economic Plan (2024-29), a journey to a trillion-dollar economy by 2035, here at a ceremony. (adsbygoogle = window.adsbygoogle || []).push({}); Elaborating the opportunities, he said that more and more foreign investment could be attracted through the SIFC, with anticipated investment flows of $29 billion by friendly countries such as the UAE, Saudi Arabia, Qatar, Azerbaijan, and Kuwait. The second opportunity, he said, was the five Cs (Growth Corridor, Livelihood Enhancing Corridor, Innovation Corridor, Green Corridor, and Opening-Up Corridors) under the second phase of the CPEC. The minister said Pakistan’s economy stood at a critical crossroads, dealing with a number of deep-rooted challenges like declining growth, poor export performance, political instability, lack of policy continuity, fiscal and current account deficits, a fractured socio-economic platform, an overly regulated business environment, population explosion, and the youth bulge, emerging shifts in the industrial revolution of 4.0 and 5.0, climate change vulnerability, inefficiency and unaffordability of energy, and widening social disparities, all of which needed to be addressed effectively. (adsbygoogle = window.adsbygoogle || []).push({}); Ahsan Iqbal regretted that the federal government’s resources were being used primarily for debt servicing, adding that it was essential to increase the existing resources, tax revenue and exports so that self-reliance could be achieved. He said no country could progress without developing its human resources, noting that Pakistan was far behind in South Asia when comparing economic indicators, human resource development and digital transformation figures with other countries. The minister advocated adopting a transformative strategy, grounded in the 5Es framework, unlocking its full economic potential, which could enable the country to become a one trillion-dollar economy by 2035 and a three-trillion-dollar economy by 2047. Under the 5Es framework, he said, the first pillar was exports, which needed to be increased to build foreign exchange reserves, with a goal of growing exports from $30 billion to $100 billion over the next eight years. “This will include Pakistan in the world’s leading economies.” Under this segment of the 5Es, he said macroeconomic reforms for export-led economic growth would be implemented, along with efforts to augment productivity, quality, and innovation for global competitiveness, improve the investment climate, diversify the product mix and market access, promote SMEs, entrepreneurship, and cluster-based development, and enhance the national brand – Made in Pakistan. “The key target is to achieve $60 billion in yearly exports by prioritizing IT, manufacturing, agriculture, industries, minerals, manpower, and the blue economy,” he added. Similarly, he said, under the E-Pakistan initiative, the national economy would be technology-driven by improving digital infrastructure, developing a startup and VC funding ecosystem, building training, skill-building, and freelancing, establishing an artificial intelligence framework, and enhancing cyber-security capabilities. On the third E – Environment (Water and Food Security), he said water security would be ensured through integrated water resource management, enhancing food safety and security through Green Revolution 2.0, adapting to climate change, strengthening disaster mitigation responses and recovery, and promoting reforestation. Commenting on the fourth E (Energy and Infrastructure), the minister highlighted the importance of transitioning to green energy solutions, developing an efficient and affordable energy infrastructure, promoting multi-modal regional connectivity for access to Central Asia, Europe, the Middle East, and African markets, harnessing Pakistan’s mining potential, and driving innovative financing for infrastructure projects on a public-private partnership model. The first pillar of the 5Es framework, he said, focused on reforms for quality and expanded universal access to education through curriculum improvements, teacher training, examination system reforms, and technology adoption. Additionally, he said, the framework emphasized increased health coverage and improved health quality, empowering youth, women, minorities, and vulnerable groups, and ensuring social protection. The minister announced the launch of a ‘Champions of Reforms’ programme, encouraging capable Pakistani citizens to participate with their respective skills. Furthermore, he said a Pakistan Centennial Lab was being established with a mandate to deliver a ‘Vision-2047’ road-map within one year in collaboration with ‘top minds.’ “It will provide a complete road-map for where Pakistan will stand when it marks 100 years of its creation.”