Ayesha Saba

In recent years, the global economic landscape has witnessed a paradigm shift, with nations strategically employing innovative approaches to attract foreign investments. One such avenue that holds immense promise for Pakistan is expo diplomacy. Haider Ali Baig, founder of Dubai-based tech startup 'Exponeur', while talking to WealthPK said: "By leveraging international expositions as platforms for economic diplomacy, Pakistan can showcase its untapped potential and create a conducive environment for increased foreign investment." He added that exhibitions and trade fairs, one of the most popular means of promotion, are well-known as key economic drivers for any economy, contributing to trade and investment, innovation, job creation, and tourism, and are gaining recognition as participants can meet customers and industry partners, examine opportunities and market trend, study the activities of their competitors and showcase their latest services and products to one and all.

"China, India and Gulf states are at the forefront in conducting the trade shows and expos and present themselves brilliantly. However, there are very limited trade fairs and exhibitions held in Pakistan," he viewed. Ali Baig maintained that the economic trajectory of the United Arab Emirates (UAE), particularly Dubai, was now very different from what it was before the Dubai Expo. He underscored that the government should proactively engage in strategic planning to capitalise on these events. "Crafting a compelling narrative that highlights Pakistan's economic reforms, infrastructure development initiatives, and investment-friendly policies is essential. The goal is to attract foreign direct investment and foster partnerships and collaborations with global businesses and investors." "Expo diplomacy is not a one-time effort but an ongoing strategy that requires sustained commitment," he explained. Baig expressed his concern about the lack of a consistent policy direction in the country.

He noted, "Our nation has often operated with ad-hoc policies that undergo changes or alterations whenever a new government assumes office." "Pakistan is still learning from the experience of other countries in areas of tech-entrepreneurship. There are many examples showing that our tech startup culture is still in its infancy," he added. The founder of Exponeur startup referred to the bankruptcy of recent startups in Pakistan and said that the country's system and financial structure was not geared to lend support in case there was stress on financial liquidity. "Pakistan needs to establish a dedicated task force responsible for coordinating and implementing expo-related initiatives. This task force should collaborate with various government departments, private enterprises, and industry experts to ensure a unified and coherent representation of Pakistan's economic opportunities," he suggested.

Credit: INP-WealthPk