Pakistan plans to double its exports in the next three to five years, with the Gulf Cooperation Council (GCC) market playing a crucial role in this strategy, according to Finance Minister Muhammad Aurangzeb. He revealed this ambitious goal during his visit to Saudi Arabia for the Alula Conference for Emerging Market Economies 2025.
Export Expansion Strategy
Aurangzeb emphasized Pakistan’s goal to surpass $30 billion in annual exports and double that figure within a few years. “Our ambition is to double exports in three to five years,” he said, underlining the strategic importance of GCC nations—Saudi Arabia, UAE, Bahrain, Qatar, Kuwait, and Oman—for Pakistan’s export growth.
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Focus on Macroeconomic Stability
The finance minister highlighted that efforts to stabilize Pakistan’s macroeconomic environment have led to improvements in trade and investment conditions. He attributed these developments to eased inflation and reduced borrowing rates. In January, inflation fell to 2.41%, creating space for the State Bank of Pakistan to reduce borrowing rates by 1,000 basis points since June 2024.
Aurangzeb added that the country is on track for a 2.5% to 3.5% growth rate for the fiscal year ending in June. This fiscal stability is expected to boost trade and encourage more foreign investment.
Strengthening Trade Ties with the GCC
Aurangzeb emphasized that these initiatives are designed to create business-to-business partnerships and attract foreign investors to Pakistan’s growing markets.
“We see the GCC as a huge potential market,” he said. Efforts are underway to increase Pakistan’s visibility and competitiveness in these regions.
Recent Export Growth
Pakistan’s exports reached $30.7 billion by the end of the fiscal year in June 2024, an 11% rise from the previous year’s total of $27.7 billion, according to the Pakistan Bureau of Statistics. In the first seven months of the current fiscal year, exports grew by 10%, reaching $19.6 billion compared to $17.8 billion in the same period in 2023.
This positive trend reflects Pakistan’s renewed focus on export diversification and enhanced trade relationships. The government aims to capitalize on these gains to drive further export growth and ensure sustainable economic progress.
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