KARACHI, Apr 14 (APP): Federal Minister for Planning, Development, and Special Initiatives Ahsan Iqbal on Monday highlighted Karachi’s critical role as the financial capital of Pakistan and a key runway for the Uran Pakistan initiative.
He stressed the need to equip the city with all necessary facilities essential for business growth. Speaking to the media after a meeting with the senior leadership of the Pakistan Business Council at its office.
The Minister said that although infrastructure development falls under provincial jurisdiction, the federal government has approved a Rs. 5 billion project for the rehabilitation and renovation of roads in the Sindh Industrial Trading Estate (SITE).
He added that representatives from the Korangi Industrial Area had also shared their concerns, and the federal government would take initiatives to address their issues as well.
Ahsan Iqbal urged the Sindh government to enhance its focus on improving the city’s infrastructure.
Regarding Karachi’s water supply challenges, he pointed out that the federal government has allocated Rs. 125 billion for the K-IV water project, which is fully financed by the federal government. He emphasized that strengthening Pakistan’s economy requires empowering the private and corporate sectors, making them the engines of growth.
The prime minister, he said, envisions transforming Pakistan into an investment-friendly destination comparable to developed economies, thereby attracting substantial foreign investment.
Ahsan Iqbal noted that the corporate sector, with its strong managerial capabilities, has a pivotal role to play in the Uran Pakistan initiative, particularly in boosting exports, which are critical for the country’s future economic progress.
Highlighting Pakistan’s demographic advantage, he said the country’s young population offers an excellent opportunity to position itself as a future IT powerhouse. The government, in collaboration with the corporate and private sectors, has launched several initiatives to equip youth with IT skills.
The Minister also stressed the importance of increasing women’s participation in the workforce, noting that currently, women constitute only 23 percent of the workforce, far below the global average of around 50 percent.
Addressing the issue of underutilized government assets, he announced that the government plans to convert dead assets, particularly unused lands, into commercial ventures through public-private partnerships to generate significant revenues.
Ahsan Iqbal announced the formation of a dedicated working group within the Ministry of Planning, which will maintain ongoing engagement with the private sector to proactively address their concerns.