February 16, 2023 (MLN): Digitization can provide innovative employment opportunities for the 23% of Pakistan's population in the 20-34 age group and contribute $60 billion to the country's economy in the next seven to eight years, latest report issued by the Overseas Investors Chamber of Commerce and Industry (OICCI).
The report covers suggestions for e-commerce, fintech, IT exports, and web 3.0 technologies. The President of Pakistan received the report, acknowledging the decline in business confidence due to the challenging political and economic situation in the last six months, and appreciating the OICCI's efforts to digitize the economy.
The report offers key recommendations on various facets of digital transformation, including digital infrastructure and connectivity, government, private sector, mass digital usage, emerging web 3.0 technologies, and digital regulations.
The report noted that a 10% increase in broadband penetration results in increasing the GDP by 1.4%.
The President of OICCI, Ghias Khan, emphasized the importance of digitization to help include underserved populations, such as those in far-flung areas of the country. Digitizing the education and health sectors in a phased manner, preparing national electronic health records, and conducting capacity-building workshops for professionals are crucial to overcome issues in Pakistan.
The report highlighted the development of digital financial services in recent years but notes that Pakistan is still a cash-based economy, with less than 5% of merchants accepting digital payments. The government needs to promote digital payments and encourage international e-commerce companies to set up regional offices in Pakistan to support the growth of the e-commerce market.
M. Abdul Aleem, the CEO and Secretary General of OICCI, noted that digitization could bring efficiency to government services, improve productivity, and help improve the ease of doing business. The Philippines' example shows how public service delivery was digitized under the E-Government Master Plan, helping the country to rank 95th in the ease of doing business rating in 2020, improving by 29 notches. T
The Pakistani government should take advantage of modern technologies, such as machine learning, data analytics, and artificial intelligence, to improve competence in public departments, document the economy, and increase tax revenues, it added.
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Posted on: 2023-02-16T16:22:35+05:00
