He made the remarks during a meeting with a delegation of MBA students from Harvard Business School at the Ministry of Planning and Development.
Welcoming the delegation, Iqbal said Pakistan should not be viewed only through the lens of its challenges but also in terms of its vast potential and opportunities. He said the country’s population of around 260 million, large young workforce, strategic geographic location, agricultural and mineral resources, expanding digital economy and global Pakistani diaspora provide a strong foundation for long-term economic transformation.
Iqbal said Pakistan must break the recurring cycle of economic expansion, pressure on external accounts, stabilization measures and subsequent economic slowdown. He stressed that the economy must instead be built around productivity and export growth.
The federal minister briefed the students on the government’s “Uraan Pakistan” initiative, a comprehensive national transformation plan based on five key areas, including exports, business and employment; digital Pakistan and the digital economy; climate, food and water security; energy and infrastructure; and equality, ethics and empowerment.
He said Pakistan has set a target of becoming a $1 trillion economy by 2035. However, he stressed that the goal is not merely to achieve a larger GDP figure but to develop national capabilities to produce and competitively sell products and services in global markets that Pakistan cannot produce today.
Iqbal said productivity, quality and innovation would be central to Pakistan’s future competitiveness. He added that the government was working to promote a national culture of productivity, quality and innovation so that “Made in Pakistan” becomes associated with reliable, high-quality and value-added products.
Highlighting the importance of human capital, Iqbal said Pakistan’s people are its greatest asset. He warned that the country’s young population could become an economic burden if young people are not provided with quality education, better nutrition, healthcare, technical skills and employment opportunities.
On artificial intelligence, he described emerging technologies as a historic opportunity for developing economies. He said Pakistan must move beyond being merely a consumer of new technologies and develop the capacity to create and adapt them to local needs, particularly in areas such as AI, biotechnology, advanced manufacturing, agriculture and space sciences.
Addressing climate change, Iqbal said Pakistan’s experience had demonstrated that it was not merely an environmental issue, as it directly affects financial stability, food security, infrastructure, public health and poverty.
On the China-Pakistan Economic Corridor, he said the first phase focused largely on infrastructure and energy projects, while the next phase would place greater emphasis on industrial cooperation, technology transfer, agriculture, exports and business-to-business linkages.
Iqbal stressed that national economic transformation could not be achieved by the government alone. He said the state must create an enabling environment for business, innovation and competitive investment, while the private sector must play a leading role in business activity, innovation and investment.
He also emphasized the need for policy continuity, saying successful countries may have followed different economic models but shared a common feature: consistency in policies and direction.
Inviting the Harvard students to view Pakistan as a destination for investment and business opportunities, Iqbal urged them to assess the gap between Pakistan’s current performance and its actual potential.
He said the true measure of development was whether every young Pakistani, regardless of gender, region or economic background, could access quality education, acquire useful skills, secure dignified employment, start a business and look towards the future with confidence.
Iqbal also invited the students to return to Pakistan in the future, not merely as tourists or guests, but as investors, entrepreneurs and partners in the country’s economic transformation.
