Five-year transformation plan for economy to be unveiled

Published December 31, 2024 Updated December 31, 2024 10:08am

• Ahsan Iqbal urges civil servants to play role in shaping country’s future
• Says Chashma-5 project reflects strong Pakistan-China bond

ISLAMABAD: The fed­eral government will unveil the National Eco­nomic Transforma­tion Plan 2024-29 today (Tuesday), Pla­n­ning Minister Ahsan Iqbal announced during a ceremony on Monday.

The five-year plan aims to address key economic challenges thro­ugh a targeted framework called the “Five Es” — Exports; E-Pakis­tan; Equity and Empo­werment; Environment, Food and Water Security; and Energy and Infrastructure.

Speaking at the passing-out ceremony of the 47th Specialised Trai­n­ing Programme of the Pakistan Administrative Service in Lahore, the minister said, “We exa­m­ined the key challe­nges Pakistan has faced in the past 16 months and identified the priorities required to establish a stable foundation. This led to the development of the Five Es Frame­work to address our core challenges.”

He elaborated that the framework includes expanding and diversifying exports to make export-led growth a cornerstone of economic development, harnessing the power of digital transformation to turn Pakistan into a techno-economy, ensuring environmental, food and water security to achieve sustainability, focusing on energy efficiency and affordability, and building multi-modal transport corridors.

The framework also “pro­motes equity, ethics and empowerment for val­­ues-based growth, foc­­u­­sing on youth and wom­en as drivers of future progress”, he added.

Addressing civil servants, Mr Iqbal emphasised their critical role in addressing Pakistan’s challenges and shaping its future. “Civil service is not just a profession; it is a mission,” he said.

The minister identified peace, political stability, policy continuity and commitment to reforms as key factors for sustainable development. “Governments will come and go, but civil servants are the constant force steering the nation towards progress,” he said, urging officers to maintain integrity and a reputation of excellence.

He encouraged them to reflect on how other nations have outpaced Pakistan in development and called for a unified approach to overcome the country’s challenges. “If we aim to achieve an honourable position by 2047, civil servants must commit to these factors,” he added.

Chashma-5 project

Meanwhile, the planning minister hailed the Chashma Nuclear Power Project Unit-5 (C-5) as a milestone in Pakistan-China cooperation during the project’s first concrete pouring ceremony in Mianwali on Monday.

He highlighted nuc­lear energy’s pivotal role in addressing Pakistan’s energy challenges. “Cur­r­ently, our nuclear power plants contribute over 3,530MW to the national grid, offering clean and affordable electricity,” he said. The addition of C-5, with a 1,200MW capacity, will further str­e­ngthen Pakistan’s ene­rgy mix, reducing reliance on imported fuels.

He emphasised the sig­n­ificance of the China-Pakistan Economic Corr­idor (CPEC) in fostering regional connectivity and economic growth. “CPEC is more than a collection of projects — it symbolises the unbreakable bond between Pakis­tan and China,” he said.

Mr Iqbal also advoca­ted for joint ventures be­t­ween Pakistan and China to design and produce nu­c­lear power pla­nts for global markets, unlocking new economic opportunities. Under the Five Es framework, the National Economic Transformation Plan emphasises turning Pakistan into a “techno-economy”, he said. This includes integrating artificial intelligence, nanotechnology and automation into economic development.

The strategy also prioritises equity and empowerment, focusing on youth and women as drivers of future progress.

Sustainable energy

Highlighting the transition to sustainable energy, Mr Iqbal reaffirmed nuclear energy’s role in the country’s strategy. He lauded the Pakistan Nuclear Regulatory Authority for ensuring safety standards and compliance with international protocols.

“Safety is paramount to the success of our nuclear programme,” he said, adding that such projects demonstrate Pakistan’s potential as a reliable partner in large-scale infrastructure and technological collaborations.

Through the Five Es, the government aims to build a resilient foundation for economic growth and secure a sustainable future for Pakistan.

The event was also attended by Director General of the Strategic Plans Division Lt Gen Yusuf Jamal, Ambassador of Pakistan to China Khalil Hashmi, Ambassador of China to Pakistan Jiang Zaidong, Vice President of CNNC Zhang Kai, federal secretaries and delegates from China.

Published in Dawn, December 31st, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Economic plan
Updated 02 Jan, 2025

Economic plan

Absence of policy reforms allows the bureaucracy a lot of space to wriggle out of responsibility.
On life support
02 Jan, 2025

On life support

PAKISTAN stands at a precarious crossroads as we embark on a new year. Pildat’s Quality of Democracy report has...
Harsh sentence
02 Jan, 2025

Harsh sentence

USING lawfare to swiftly get rid of political opponents makes a mockery of the legal system, especially when ...
Looking ahead
Updated 01 Jan, 2025

Looking ahead

The dawn of 2025 brings with it hope of a more constructive path to much-needed stability.
On the front lines
Updated 01 Jan, 2025

On the front lines

THE human cost of terrorism in 2024 was staggering. The ISPR reports 383 officers and soldiers embraced martyrdom...
Avoiding reform
01 Jan, 2025

Avoiding reform

PAKISTAN’S economic growth significantly slowed down to a modest 0.92pc during the first quarter of the present...