Pakistan’s Bold Move: PM Shehbaz Sharif Unveils Vision for Thriving Digital Economy
In a recent statement, Pakistani Prime Minister Shehbaz Sharif has reaffirmed his commitment to establishing a robust digital investment ecosystem in the country.
Islamabad: In a recent statement, Pakistani Prime Minister Shehbaz Sharif has reaffirmed his commitment to establishing a robust digital investment ecosystem in the country. This pledge aligns with global efforts aimed at driving digital foreign direct investment (FDI) into emerging markets, with a specific focus on Pakistan.
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Pakistan’s Digital Transformation and Economic Growth
Prime Minister Sharif emphasized Pakistan’s ongoing strides in digital transformation, which are playing a pivotal role in expanding revenues, increasing the workforce, and boosting exports. “We reaffirm our unwavering commitment to cultivating a thriving digital investment ecosystem, paving the way for digital prosperity for all,” he stated.
Digital FDI Initiative Launched by World Economic Forum
The Digital Foreign Direct Investment (FDI) Initiative, launched by the World Economic Forum and the Digital Cooperation Organization (DCO) in 2022 in Davos, Switzerland, is designed to enhance cross-border digital investment, especially in emerging markets. The initiative aims to support countries like Pakistan in attracting digital investments that can spur economic growth and development.
Pakistan’s Digital FDI-Enabling Project
The World Economic Forum has highlighted Pakistan’s efforts in fostering digital growth through its Digital FDI-Enabling project. This project is structured around four key pillars: digital infrastructure, digital adoption, new digital activities, and digital services exports. According to the forum’s report, Pakistan has tailored its actions to meet the country’s socioeconomic conditions, regulatory framework, and evolving digital landscape.
National Digital Commission to Drive Digitization
Pakistan’s State Minister for Information Technology, Shaza Fatima Khawaja, announced plans to establish a National Digital Commission to accelerate the digitization of the country’s economy and governance. The commission will focus on improving governance, enhancing tax collection efficiency, and facilitating smooth inter-ministerial coordination. The aim is to create a paperless governance system to expedite government operations and remove procedural bottlenecks.
Efforts to Revive Pakistan’s Economy
Amid a challenging economic environment, Pakistan has made significant efforts to introduce structural reforms in order to revive its $350 billion economy. These reforms include improving the digital infrastructure and leveraging technology to drive economic growth.
Pakistan’s Role in the Digital Cooperation Organization (DCO)
Pakistan is a key member of the Digital Cooperation Organization (DCO), a multilateral organization founded in November 2020. The DCO focuses on accelerating the growth of an inclusive and sustainable digital economy. The organization currently includes 16 members, such as Bahrain, Bangladesh, Cyprus, Djibouti, Gambia, Ghana, Greece, Jordan, Kuwait, Morocco, Nigeria, Oman, Qatar, Rwanda, and Saudi Arabia. These countries represent a combined GDP of nearly $3.5 trillion and a market of nearly 800 million people, with more than 70% of the population under the age of 35.
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Prime Minister Shehbaz Sharif’s commitment to fostering a thriving digital investment ecosystem reflects Pakistan’s ambition to embrace digital transformation as a cornerstone of its economic revival. By attracting global digital FDI, the country aims to secure sustainable growth, enhanced governance, and improved socioeconomic conditions for its citizens.
