Faiza Tehseen

Following the Chinese model to drive digitalized economy will open a window of opportunities for both trade and business activities in Pakistan, said Nazir Hussain, President of the Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI), in an interview with WealthPK.

He said, “For a digitalized economic shift, it is necessary to establish integrated computing network hubs across the country. It will not only help boost the digital economy but also provide an impetus for the development of e-commerce. The data centre computing equipment will act as a key accelerator for the development of smart technology-based industries, including block chain, data management, and artificial intelligence. This sector’s rapid development will help fuel quality high-tech development and digital transformation, smoothly.”

He said transitioning from conventional business practices to e-commerce and embracing digital business techniques can significantly enhance the efficiency and profitability of value chains. China's transformation into a digital economy has positioned it as a global leader in e-commerce. Adopting a similar model for Pakistan's industrial economy could yield remarkable results. Talking to WealthPK about the replication of a successful Chinese model in Pakistan, Nazir Hussain said, “In major cities of Pakistan, different small, medium, or large scale national business hubs should be established.

This national computing network will boost swift and smooth data flow. These hubs are vital to support the large national data and will act as new drivers of smart economic growth.” In China, the integrated computing networks are a smart part of the government’s continuous efforts to accelerate the new smart economic infrastructure. Establishment of national cluster data centres at different scales across Pakistan will support a multitude of trade and business activities, including industrial internet, disaster warning, online consultancies (for different purposes), and financial securities.

To foster the growth of a green digital economy in Pakistan, concerted efforts are needed across all levels. Nazir Hussain emphasized that this is a critical issue requiring immediate action. Adopting and implementing this initiative is essential for Pakistan to integrate successfully into the global economic flow. Zulfiqar Ahmed, head of the media and communication wing of Rawalpindi Chamber of Commerce and Industry (RCCI), said, “The move to transform Pakistan’s economy into a digital one is the need of the hour. It will boost innovation in big data applications and improve efficiency in using the computing resources.

A big data industry will also be a key driving force in transition from a conventional trade and business economy to a digital one.” He said improved e-commerce activities in Pakistan will be a great push for the development of smart data transfer technologies – 5G networks, huge fibre optic networks, and streamlined ecosystem for artificial intelligence. Zulfiqar said, “Currently, Pakistan is direly in need of an efficient e-commerce network. It will open new portals of sustainable income for the youth and the already existing businesses and trade activities.

By replicating the Chinese model, Pakistan can also reap economic benefits at both the provincial and national levels. In this concern, Pakistan can get technical assistance from China. Collaboration between the two countries will not only boost their economies but also open a new chapter in Pakistan's journey toward economic prosperity.” With an average annual growth rate of 16%, the Chinese digital economy is valued at worth CNY99 trillion by 2030. Pakistan can also get its profit share from the digital economy flow by adopting focused and targeted strategies. The policymakers should consider this aspect as well.

Credit: INP-WealthPk