Amir Saeed

Pakistan is in an ideal position to leverage digital innovation to develop its economy in an era where digitalisation is transforming economies across the globe. With technology advancing quickly, the country has an unparalleled opportunity to increase exports and draw in foreign direct investment (FDI) to build a strong and sustainable economy. Talking to WealthPK, Haroon Sharif, former chairman of the Board of Investment, said that the country has experienced trade imbalances and a reliance on traditional industries as primary economic challenges throughout its history. “To tackle these problems, digital innovation provides a revolutionary alternative by broadening the economic base and boosting competitiveness internationally. New economic growth opportunities could be unlocked by incorporating cutting-edge technologies and promoting a digital culture.” He highlighted that the export industry is one of the most potential sectors for digital innovation.

“Processes can be made more efficient, less expensive, and more streamlined with the help of technology. For example, supply chains can be optimised through the use of automation and advanced analytics, thus increasing the competitiveness of locally manufactured goods in global markets.” “E-commerce platforms also give local businesses a direct path to connect with customers throughout the world, broadening their market and increasing export volume.” Haroon said that policy changes are needed to foster an atmosphere that is favourable to digital innovation. “Incentives for IT investments, streamlined laws, and fewer bureaucratic obstacles can all help attract foreign and local investors to Pakistan's digital economy. By taking these steps, the government can create a healthy tech environment that draws in venture money and helps firms expand.” He further highlighted that digital innovation would also raise the country’s goods and services to a level that is consistent with global standards.

“Artificial intelligence and the Internet of Things can enhance consumer experiences, quality assurance, and product creation. This would not only increase the attractiveness of Pakistani products to overseas consumers but also establish a reputation for excellence in international trade.” Talking to WealthPK, Zeeshan Riaz, Chief Operating Officer of Urtasker, an e-commerce consulting agency, said that digital innovation has huge potential to attract FDI. “International investors are increasingly looking for countries with a strong digital infrastructure and a conducive environment for tech-driven businesses. The country has the potential to attract foreign investors, who want to invest in digital infrastructure.” He said that with a growing pool of skilled software engineers, entrepreneurs and innovators, the country's emerging tech sector is well-positioned to spur economic expansion. “Pakistan’s tech companies and incubator scene are growing, indicating a strong entrepreneurial spirit that the government should encourage and foster further by funding digital education and skill development.”

He suggested the government concentrate on developing a strong digital infrastructure to fully realise the potential of digital innovation. “This entails boosting cybersecurity precautions, increasing high-speed internet access, and encouraging an innovative culture via research and development. The involvement of public-private partnerships can be pivotal in expediting these endeavours and guaranteeing the equitable dissemination of advantages stemming from digital transformation.” “Technical training and investments in digital literacy can equip workers for new tech-related jobs. Pakistan can develop a workforce with the necessary skills to spur innovation and assist in the expansion of tech-driven sectors by coordinating educational programmes with industrial demands.” Zeeshan said that digital innovation has the potential to advance society as well. “Greater access to digital services can improve residents' quality of life by offering greater financial, healthcare and educational opportunities. This all-encompassing strategy for digital transformation fosters inclusive development.”

Credit: INP-WealthPk