Ayesha Saba

Embracing the growing digitization of society is vital for an emerging economy like Pakistan to realize its full potential for socioeconomic development, said Jehan Ara, Founder & CEO of Katalyst Labs, while talking to WealthPK. “By leveraging digital technologies, Pakistan can foster innovation, improve efficiency, and promote inclusive growth, ultimately leading to a more prosperous and sustainable future,” she said. “There has been a great deal of discussion these days about Pakistan's economic growth and revitalization. It will not be possible for any one sector to accomplish this on its own. I believe if we were to focus on some of the key elements that are required for a positive push, digitalization and technology will play a significant role," Jehan Ara said. “Owing to industrialization and the digital era, the world has changed in many ways, including economic expansion, advancements, and interconnections. By ignoring digital technology's impact on traditional sectors like agriculture, healthcare, and banking, we risk missing out on its full transformative potential,” she said.

It is important to realize that a lot more investment needs to be made into building and improving technology infrastructure and into enhancing digital literacy in Pakistan, so that the people are aware of how they can use the technology to access the available services. “To create a robust technology ecosystem and digitization, the government must ensure that its policies support collaboration between the academia, startups, established tech companies, and foreign investors. Stability in policy helps forge strong partnerships, leading to knowledge sharing, skill development, and overall sectoral growth,” she added. Talking to WealthPK on the condition of anonymity, a planning ministry official said, “Pakistan is rapidly embracing digitalization as a key driver of economic growth and connectivity, with the government and private sector collaborating to harness the potential of technology and innovation.” “As the nation steps into the digital age, various initiatives and projects are underway to transform the key sectors, enhance digital infrastructure, and empower citizens.

The Ministry of Planning Development and Special Initiatives has developed a 10-year roadmap for accelerating AI adoption across business, development, governance, education, and healthcare,” he added. “Globally, China's adoption and implementation of digital technologies, innovation, economic digitalization, and effective policy strategies serve as an inspiration to other countries, including ECO members. Pakistan needs to learn from China's experience in unlocking the digital potential,” he said. According to WealthPK research, the ambitious Pakistan Vision 2025 and Digital Policy of Pakistan, which envisions a $20 billion ICT industry by 2025, are essential pillars of the country’s economic transformation. The government continues to facilitate the development of the IT industry through numerous sustainable development and accelerated digitization projects, research and innovation, software technology parks, subsidized bandwidth, international marketing, international certifications, internships and trainings.

Credit: INP-WealthPk