Islamabad (TDI): Pakistan’s Minister for Planning, Development and Special Initiatives, Ahsan Iqbal, expressed optimism on Monday that country’s economy will reach a volume of $3 trillion, positioning the country among the top 10 economies globally by the centenary of its independence in 1947.
Speaking at the ‘Data Fest 2024’ organized by the Pakistan Bureau of Statistics (PBS) at the Pakistan-China Friendship Centre, Iqbal emphasized the importance of data-driven and knowledge-based economies in today’s world. He highlighted that data integration and artificial intelligence are crucial for sustainable economic development.
The event was attended by various dignitaries, including NADRA Chairman Lieutenant General Muhammad Munir Afsar, Federal Secretary for Planning Owais Manzoor Sumra, Chief Statistician Naeem-ul-Zafar, and representatives from federal and provincial ministries.
Iqbal noted, “We are living in an era of unprecedented change, with rapid innovations reshaping our world.”
He stressed that modern data science is a key driver of economic progress, with data analytics and advanced technologies fueling the digital revolution.
He pointed out that quality data is foundational to any economic theory and essential for development.
He explained that sustainable economic growth is built on ten years of consistent policies, and the government is currently working on the next five-year plan.
Reflecting on the Vision 2025 framework created in 2014, he remarked that it addressed many of the same issues Pakistan faces today.
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While acknowledging past achievements, such as overcoming energy and terrorism challenges in 2017-18 and the momentum gained from the China-Pakistan Economic Corridor (CPEC), he lamented a regression to conditions similar to those in 2013.
He emphasized the need for policy continuity to achieve economic goals.
“Our economy requires reliable data to accurately measure progress,” he said.
Iqbal highlighted the necessity of robust data sets for business development, asserting that nations and individuals who effectively harness data can achieve their economic aspirations.
He expressed hope for the young attendees, stating that they would shape the future through data science, and urged them to cultivate their data skills.
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He also noted the positive representation of Pakistan at the recent Shanghai Cooperation Organization summit, asserting that economic indicators show favorable growth, with inflation rates falling to single digits. Iqbal reaffirmed the potential of Pakistan’s youth to elevate the nation on the global stage.
During the ceremony, Federal Secretary Owais Manzoor Samra emphasized that data integration, visualization, and cutting-edge technology are essential for sustainable economic development.
Chief Statistician Naeem-ul-Zafar remarked that data science is integral to every sector of the economy and must underpin Pakistan’s pursuit of a data-driven economy.
