Prime Minister Shehbaz Sharif has officially launched Uraan Pakistan, a five-year National Economic Transformation Plan to steer the country toward sustainable growth and economic stability. Unveiled in Islamabad, this ambitious initiative marks a significant step in addressing Pakistan’s long-standing economic challenges through a strategic framework built on the principles of export-led growth, digital transformation, environmental sustainability, energy efficiency, and social equity. The plan is designed to move Pakistan beyond short-term economic stabilization and set it firmly on a path to long-term prosperity.
In his address at the launch ceremony, Prime Minister Shehbaz Sharif emphasized the importance of reducing the cost of key inputs such as electricity and gas to enhance industrial competitiveness and save foreign exchange. He underscored that export-led growth is the only viable path for Pakistan to achieve a robust and self-reliant economy. The government has set an ambitious annual investment target of $10 billion, with a focus on creating an enabling environment for both local and foreign investors. The Prime Minister also highlighted the necessity of privatization and outsourcing loss-making state-owned enterprises to prevent financial hemorrhaging. He called for national political dialogue and consensus as essential prerequisites for the plan’s success, stressing that collective efforts and political harmony are crucial in overcoming Pakistan’s economic hurdles.
Finance Minister Muhammad Aurangzeb, while elaborating on the key aspects of Uraan Pakistan, revealed that the plan aims to achieve a sustainable GDP growth rate of six percent by 2028, create one million jobs annually, and attract $10 billion in private investment every year. He highlighted the establishment of a Delivery Unit at the Prime Minister’s Office to ensure effective coordination and implementation of sectoral roadmaps. With a focus on increasing annual exports to $60 billion by 2028, the plan seeks to address economic vulnerabilities and prevent repeated cycles of boom and bust. The Finance Minister expressed optimism that the successful implementation of Uraan Pakistan would ensure that Pakistan would no longer need external financial assistance programs like those from the IMF.
The launch event, attended by key political and provincial leadership including Punjab Chief Minister Maryam Nawaz, Governor Khyber Pakhtunkhwa Faisal Karim Kundi, and Azad Kashmir Prime Minister Chaudhry Anwar-ul-Haq, underscored the plan’s nationwide significance. Minister for Planning and Development Ahsan Iqbal described Uraan Pakistan as a transformative initiative aimed at bringing tangible benefits to the common citizen through better employment opportunities, improved healthcare, enhanced education, and increased business prospects. He emphasized that the success of this plan requires unified efforts from all sectors of society, including the government, institutions, and private stakeholders.
Prime Minister Shehbaz Sharif highlighted several challenges the country must overcome, including the massive circular debt in the energy sector, annual losses incurred by state-owned enterprises, and persistent issues in tax collection. He expressed his commitment to structural reforms, calling on all sectors of society, particularly the elite, to share the burden of economic adjustments. The Prime Minister also praised the support and cooperation received from key stakeholders, including the Special Investment Facilitation Council (SIFC), which has played a central role in attracting investment and fostering economic activity.
The Uraan Pakistan initiative rests on five critical pillars, known as the 5Es: Exports, E-Pakistan, Environment, Energy and Infrastructure, and Equity and Empowerment. These pillars collectively aim to transform Pakistan’s economic landscape by enhancing the country’s export potential, leveraging digital technologies, addressing environmental concerns, ensuring affordable and sustainable energy solutions, and promoting social justice and inclusivity. Prime Minister Shehbaz Sharif also highlighted positive macroeconomic indicators achieved in recent months, including a sharp decline in inflation to five percent, an increase in average exports by ten percent, a 24 percent rise in remittances, and a significant boost in IT exports.
The Finance Minister further emphasized the importance of tax reforms, stating that efforts are underway to separate tax policy from tax collection to ensure transparency and efficiency. He also noted that the government’s efforts have resulted in a significant reduction in the Karachi Interbank Offered Rate (Kibor), thereby facilitating private sector borrowing and investment.
At its core, Uraan Pakistan is not merely a set of economic goals but a national commitment to rebuild and strengthen Pakistan’s economic foundations. It envisions transforming Pakistan into a trillion-dollar economy by 2035 and a three-trillion-dollar economy by 2047. Prime Minister Shehbaz Sharif expressed hope that this plan would serve as a turning point in Pakistan’s economic trajectory, laying the groundwork for sustainable growth, job creation, and national prosperity. As Pakistan embarks on this transformative journey, the success of Uraan Pakistan will depend on the collective resolve of political leaders, policymakers, and citizens alike to work together towards a shared vision of progress and stability.