Pakistan needs to diversify its economy and explore new, high-growth sectors such as information technology. Hamza Saeed, the Director of Strategic Planning at Special Technology Zone Authority (STZA), said that this strategic shift would make the economy more resilient to external shocks and also foster innovation, job creation and lasting economic growth. In an interview with WealthPK, he said: “In a rapidly evolving global landscape, nations around the world are recognising the pivotal role of technology in shaping economic destinies.” He added that information technology, in particular, presents itself as a beacon of opportunity. The global digital revolution has transformed the way businesses operate, creating avenues for innovation, job creation and economic growth. “By investing in IT infrastructure, fostering a culture of innovation, and nurturing a skilled workforce, Pakistan can tap into the vast potential of this sector,” he opined.

Saeed said Pakistan, with its rich pool of talent and untapped potential, has embarked on a transformative journey towards economic revival through the establishment of STZA to unlock the potential of this country in the field of IT. “The authority seeks to create space for foreign investors, indigenous companies and educational and training institutes.” “Furthermore, the government has undertaken substantial initiatives such as the Digital Pakistan campaign and the establishment of National IT Board to stimulate the adoption of technology, enhance digital literacy and streamline e-governance,” he said. The STZA director said that Pakistan seeks to encourage business-to-business cooperation, and is also working to introduce an export-oriented policy. “Through the free trade agreements, especially with China, Pakistan has achieved a significant level of trade partnerships.”

Saeed pointed out that India's IT sector has been recognized globally for its significant contributions to the industry. “The recent opening of Apple stores in India showcases the country's growing importance in the technology and consumer electronics market.” He further pointed out that India's population is becoming an asset. “Pakistan should prioritise investing in quality education and technical training programmes to develop a pool of skilled professionals in areas such as software development, data analytics, artificial intelligence and cybersecurity.” Dr Ghulam Samad, a senior trade economist, has highlighted the need for diversification in Pakistan's export portfolio. He told WealthPK that relying on a narrow range of industries has limited Pakistan’s ability to significantly expand its exports.

“To achieve sustainable GDP growth, we must diversify and embrace high-growth sectors. Technology, with its global demand and transformative impact, offers the diversification Pakistan urgently needs.” “Countries that harness the power of tech innovation not only expand their export capabilities but also position themselves as leaders in the global marketplace. Pakistan's export potential has long been hindered by the absence of a robust tech sector,” he said.

Credit: Independent News Pakistan (INP)