Pakistan sets goal of achieving $1 trillion economy by 2035

Pakistan set a goal of achieving a $1 trillion economy by 2035 under the ‘Uraan Pakistan’ Homegrown National Economic Plan unveiled at a ceremony in Islamabad on Tuesday.

The “Uraan Pakistan” package consists of a national economic plan to achieve 6% GDP growth, $60 billion in exports, a reduction in inflation to 6%, $5 billion freelancing industry, 50% reduction in greenhouse gas emission, 10% renewable power share in energy and a 13% decrease in income poverty incidence over a period of five years from 2024 to 2029.

Pakistan will focus on eight key sectors including manufacturing, agriculture, information technology, services, manpower, minerals, creative industries and blue economy to achieve the $60 billion export target.

Under this plan, Pakistan has set a target to increase forest coverage to 6% of the geographical areas, establish six continuous pollution monitoring stations and achieve a 50% reduction in projected greenhouse gases emissions.

Pakistan has also started work on public-private partnerships for climate responsive investment as it is estimated that Islamabad will require $348 billion between 2023 and 2030 to become climate resilient including $200 billion for implementing its Nationally Determined Contributions (NDCs).

Pakistan, under the Homegrown National Economic Plan, will create 1.5 million jobs per year to strengthen the social sector.

In addition, the government has anticipated investment flows totaling $29 billion from UAE ($10 billion), Kuwait ($10 billion), Saudi Arabia ($5 billion), Qatar ($2 billion), and Azerbaijan ($2 billion) to help establish the 5Es framework.

The 5Es framework includes export, equity and empowerment, e- Pakistan, climate change and energy and infrastructure.

According to the document, the successful implementation of the 5Es framework will depend on activating six key strategic enablers — ensuring political stability, promoting peace and security, developing human capital, establishing policy and legislative reforms.