Minister for Planning Ahsan Iqbal stated on Tuesday that Small and Medium Enterprises (SMEs) have the potential to achieve $40-60 billion in exports over the next 3 to 5 years.

Speaking at the “Export-led Economy – Race to $100 Billion” ceremony, alongside Minister for Commerce Jam Kamal Khan, he emphasized that the government would support the SME sector in reaching this potential target.

The minister reaffirmed the government’s commitment to significantly increasing exports, setting an ambitious target of $100 billion within eight years. He stressed that achieving this target would be beneficial, but missing it would pose significant challenges.

He emphasized the need to enhance production and leverage key sectors such as agriculture, manufacturing, information technology, mining, manpower, and creative industries to drive growth. To increase exports, the government plans to collaborate with relevant departments and ministries to develop a dashboard outlining a clear roadmap for growth in these sectors.

He noted that 70 out of 500 companies on the Karachi Stock Exchange generated exports of around $10,000, while large KSE companies earned billions in profit without contributing to dollar exports. To address this, he suggested developing policies and incentives to encourage the private sector to contribute to the country’s exports.

Jam Kamal Khan attributed Pakistan’s export decline to various factors, including high interest rates, production costs, COVID-19, and the Ukraine conflict. However, he highlighted that the government has formulated a strategy to increase the country’s exports.

He mentioned that inflation and interest rates have consistently decreased, while global investors are showing interest in investing in Pakistan.