Ahsan Iqbal congratulates PSX for stellar 60% growth in 2024

KARACHI: Ahsan Iqbal, the Federal Minister for Planning, Development, and Special Initiatives, congratulated the Pakistan Stock Exchange (PSX) on achieving over 60% growth in 2024, on behalf of the Prime Minister.

Speaking at the PSX gong-striking ceremony on Tuesday, Iqbal praised the exchange’s performance, calling it a testament to Pakistan’s resilience and economic potential.Pakistan Index to reach 127000 by Dec 2025; Topline

During his address, Ahsan Iqbal highlighted four critical factors for national development: peace, political stability, consistent policies, and commitment to reforms. He emphasized that without creating a conducive environment, even the best intentions would not lead to success. “Pakistan needs these four pillars more than ever,” he remarked.

Reflecting on Pakistan’s long-term vision, Iqbal stressed the importance of adhering to the principles set by Quaid-e-Azam Muhammad Ali Jinnah and Allama Iqbal, particularly as the nation approaches its centenary in 2047. “We cannot afford to fall behind economically,” he said, advocating for strategic advancement.
He also discussed the shift from the political ideologies of the 20th century to the economic competition of the 21st century.

The Minister announced the upcoming National Economic Transformation Plan, which emphasizes export-led growth and the global branding of “Made in Pakistan” products. He pointed out that no Pakistani company has yet surpassed a $2 billion valuation, stressing the necessity of connecting with global supply chains to ensure economic survival.

Ahsan Iqbal recounted the challenges faced when the PML-N government came into power in 2013, which included terrorism, energy shortages, and targeted killings in Karachi. He praised the party’s efforts in restoring peace, reducing power outages, and advancing the China-Pakistan Economic Corridor (CPEC) project.

However, he criticized the political instability that followed in 2018, which he argued hindered national progress, especially the development of CPEC’s special economic zones (SEZs). When the government returned to power in 2022, he said the focus shifted to averting Pakistan’s economic collapse, with tough decisions made to stabilize the economy.

Iqbal thanked political parties for their support during this period and highlighted the positive outcomes of these reforms, such as reduced inflation, rising IT exports, and improved international ratings. He noted that the PSX index had surged from 30,000 to 100,000 points, marking Pakistan’s rise as a hub for investment opportunities.