Ayesha Saba

The 5Es Framework offers a roadmap for a prosperous, equitable and sustainable future for Pakistan. By embracing these principles, Pakistan can unlock its full potential and become a prominent global player. These remarks were made by Majid Shabbir, an adviser at the Islamabad Chamber of Commerce and Industries. The 5Es framework encompasses exports, e-Pakistan, environment, energy, equity and empowerment. Talking to WealthPK, Majid said there was considerable macroeconomic fragility in Pakistan, which could significantly hamper the country's ability to sustain growth and enhance equity. “This fragility manifests in various forms, including inflation, fiscal deficits, and a high level of external debt, all of which threaten the stability and resilience of the economy.” He highlighted that the core objective of the new economic framework is to boost exports, which is a strategic response to balance of payments issue. “The only way to deal with balance of payments crisis is to increase exports,” he pointed out, emphasizing that increasing exports from the current $32 billion to $100 billion was the primary challenge for Pakistan.

“This target is ambitious yet critical for stabilizing the economy,” he said. To achieve this, he highlighted the necessity of industrialization and creating a more business-friendly environment. “It is necessary to industrialize the country and make doing business easier in order to achieve sustainable growth,” he said. Majid suggested simplifying regulatory processes, improving infrastructure, and reducing bureaucratic barriers to make Pakistan an attractive destination for both local and foreign investors. Meanwhile, speaking to WealthPK, Gohar Alam, a policy analyst at Islamabad Policy Research Institute, emphasized that the 5Es framework provided a holistic approach to economic development, integrating social, environmental and governance dimensions. “By focusing on these 5Es, Pakistan can unlock its true potential and achieve sustainable growth.” He emphasized that for Pakistan to effectively implement the 5Es framework and propel itself towards a trillion-dollar economy by 2035, the government must adopt a comprehensive strategy to ensure that policies across sectors aligned with the 5Es objectives. “Inter-ministerial coordination is a must to avoid duplication and foster synergy among departments.

Critical components of this strategy include investment in infrastructure, human capital development, innovation, and enhancing export capacity to promote inclusive growth and environmental sustainability.” Malik Zeeshan, Assistant Chief of Industries & Commerce Section at the Ministry of Planning, Development and Special Initiatives, pointed out that as of today, there was no formal framework for development in Pakistan, where development partners, government organizations and other stakeholders could interact frequently, share information, float innovative ideas, and learn best practices so that they can contribute to the development process more productively. Therefore, he said the 5Es framework was an excellent initiative if properly implemented. The Ministry of Planning, Development, and Special Initiatives recently organized the Pakistan Development Summit 2024, whose theme was the 5Es Framework: ‘Roadmap to a Trillion Dollar Economy by 2035’. Top experts from diverse fields participated and discussed the effective implementation of the framework for economic growth and development.

Credit: INP-WealthPk