Chinese tech giant Huawei is challenging the US monopoly in a number of high-tech fields, including communications and chip design, said chairman of the United Business Group in the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Shahzad Ali Malik.

Speaking to a delegation of industrialists and traders, Malik stated that China, the United States, and the European Union, with their respective comprehensive strengths and sci-tech capabilities, have emerged as the three poles in the global digital geopolitical landscape.

According to him, the US has the largest digital economy at $13.1 trillion, followed by China at $5.2 trillion, Germany at $2.44 trillion, Japan at $2.39 trillion, the United Kingdom at $1 trillion, and France at $1.17 trillion. He said the digital economy is now required to meet the ever-increasing emerging global challenges by establishing result-oriented digital connectivity with advanced countries, particularly China.

The digital economy, according to Shahzad Ali Malik, has a very positive impact on economic expansion. By encouraging the modernization of the industrial structure, it promotes economic growth. He added that Covid-19 has generally increased demand for digital industries globally and that Pakistan's network infrastructure is still far behind other countries' levels of digital economy development.

He said the reshaping of international rules and order will gradually take place on a global scale as the power of digital technologies quietly but fiercely shocks established boundaries and defences. The competition between the major nations of the world will spread to more areas and become more complex, necessitating more sophisticated responses, he continued.

Due to the significant development gap, he claimed, Pakistan can learn from developed nations, particularly China, to investigate the most appropriate development models in light of their own situation. He added that we should put more effort into bolstering R&D support for cutting-edge digital technologies like 5G and artificial intelligence, as well as enhancing talent development for specialized roles and improving the environment for innovation in the digital economy.

He emphasized the urgent need for better digital connectivity, information technology promotion, and the development of new growth areas for collaboration. He concluded by saying that given the current situation, effective measures must be taken to fully encourage Chinese businesses to invest in developing Pakistan's infrastructure network.

Credit: Independent News Pakistan-WealthPk