KARACHI: Pakistan has abundant resources and hardworking people, which gives it the potential to become one of the top five economies in Asia if we embrace innovation and change, said Planning and Development Minister Ahsan Iqbal on Monday.

Speaking at the Karachi Chamber of Commerce and Industry (KCCI), the minister stressed the importance of planning and policy continuity to compete with regional rivals, especially India, to emerge as a strong and sound economy.

While highlighting peace, stability, continuity of policies, and reforms as four essential pillars for national success, he cited countries such as India,Bangladesh, Indonesia, Turkiye, Japan, and South Korea that have adopted these principles to great effect.

`Unfortunately, Pakistan has struggled to implement these pillars consistently. It`s time we commit ourselves as a nation to safeguarding them for economic progress,` he said.

He also emphasised the need for capacity building within the business community to keep pace with global changes. `If we don`t build the capacity of our entrepreneurs, Pakistani businesses will be left behind in the international marketplace.

In this context, he proposed the establishment of a Karachi Export Compliance and Innovation Cell under the KCCI to support exporters with certification processes, governance compliance, digital customs and trade facilitation training, and a helpdesk to navigate non-tariff barriers in EU, GCC, and ASEAN markets.

He said while rapid growth is achievable through short-term measures, such an approach would ultimatelylead to economic instability due to excessive imports and limited foreign exchange reserves.

`In my view, the true VIP is someone who earns valuable foreign exchange for the country through exports,` he remarked, adding that every sector must shift its focus to exports instead of relying on the domestic market to transform Pakistan into an exporting nation.

He said without KCCPs active involvement as a co-pilot, Uraan Pakistan cannot succeed. `We must ensure that this initiative takes off and sustains momentum, unlike many past efforts that crashed over time,` he said.

He suggested the formation of a Green Karachi Business Alliance to promote sustainable business practices such as energy efficiency audits, carbon footprint reduction, wastewater recycling, and zero-waste strategies. `Future exports will increasingly depend on sustainability. The time to act is now.

Businessmen Group Chairman Zubair Motiwala expressed serious concerns over the lack of implementation of thegovernment`s `Uraan Pakistan` initiative. The government has been unable to translate the vision into actionable results, and the programme has remained confined to papers only.

`Why is it not being implemented? Why are people not benefiting? And why is our industry not growing?` he questioned.

Karachi infrastructure In a separate meeting, Mr Iqbal assured the Pakistan Business Council that he would support all measures to make the private sector more competitive and make it easier to do business.

He noted that the federal government was doing its best to address Karachi`s infrastructure issues, as he regarded Karachi as crucial to the success of Uraan Pakistan.

PBC stressed the need to create a conducive investment climate by reducing the disproportionate burden of taxes on the formal sector, amongst others, by removing `super tax` and providing energy at a competitive cost.