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Pakistan puts CPEC among top priorities in medium and long term planning

By Shafqat Ali  | Gwadar Pro Aug 28, 2021

ISLAMABAD, August 28 (Gwadar Pro)– Pakistan on Friday afternoon unveiled its short, medium and long-term planning, putting the China-Pakistan Economic Corridor (CPEC) among top priorities.

The medium-to-long term planning especially includes the completion of CPEC projects in agriculture, industrial cooperation, socio-economic development and financial inclusion.

It also includes Utilization of Special Technology Zones, Information Technology (IT) parks, Incubation and Entrepreneurships Centres that complement CPEC investments.

Speaking at a news conference here, Finance Minister Shaukat Tarin said it was after the year 1972 that such a strategy was being presented by the government under which short, medium and long-term plans were being devised by working groups with the consultation of stakeholders and their implementation would be monitored.

The Finance Minister said a positive sentiment had been generated as economy is on the right track. “It has embarked on the way of economic growth after stabilization phase due to prudent policies of the present government,” he said.

Tarin said the government had put in place comprehensive roadmap, focusing on 14 special sectors of economy, to ensure planned, inclusive and sustainable economic growth in the country.

The Finance Minister briefed the participants on the significance of a long-term economic planning to achieve all-inclusive and sustained economic growth over the period of time.

He apprised about the objectives being set across different sectors and strategies outlined to achieve those targets within a specific time frame. Fourteen vertical sub-groups have been generated which will present recommendations to the Prime Minister on different sectors.

 “Hence plans do not focus only on devising strategies but also on ensuring implementation which is a major break with the past practice. The broad objectives include accelerating the overall economic growth rates from 3% to 6% in the next three years without creating pressure on balance of payments and by keeping inflationary expectations subdued,” he said.

The strategy also includes increasing tax to Gross Domestic Product (GDP) ratio by 1.5 to 2% annually and attaining target of US $30 billion exports by Fiscal Year (FY) 2023-24 and keep up the momentum in foreign remittances. The key focus is to generate massive employment opportunities over the period of time in order to engage our youth in productive sectors of the economy, said the minister.

The sectors underlined for driving growth through the platform of EAC are agriculture including small farms, micro-enterprises, Small and Medium Enterprises (SMEs), construction, tourism and information technology, he remarked.

This will be achieved through coherent, consistent and well-coordinated polices between the federal and provincial governments as well as the private sector, Tarin added.

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