Aitizaz Hassan

China-Pakistan Economic Corridor (CPEC) can provide an opportunity for introducing the concept of the innovation economy in Pakistan to lessen its financial woes on sustainable bases, WealthPK reports. The shift from knowledge to an innovation economy will put Pakistan on track to sustainable development. The innovation economy is based on the creative ability of citizens to come up with and implement new ideas, products and services rather than the physical attribution to a specific product.

Apparently, the innovation economy is a new concept in Pakistan but the stakeholders are already working to promote the innovative ecosystem. Startup consultant and innovation ecosystem builder Imran Jattala told WealthPk that the innovation economy is the study of technology, knowledge and entrepreneurship. Pakistan has still a knowledge-based economy, which is the industrial concept of development.

He said that the innovation economy is a framework of the next level where ideas are converted into digital products. Silicon Valley is a classic example and a true north star in the technology world. Google, Facebook and Amazon started their journey from Silicon Valley.

Imran Jattala said that China is also an example of the innovation economy. Chinese companies have focused on the innovation economy during the last two decades and now they are serving the entire world. India is also growing in its innovation economy. India’s software exports were up to $150 billion in the financial year 2021-22.

“CPEC is a good opportunity to introduce the concept of the innovation economy in Pakistan. CPEC will connect China with the Middle East, North Africa and Europe through Pakistan. China wants to build a high-tech industry in Pakistan, working together with the Pakistani workforce and Chinese technology,” he said.

Imran Jattala said that Pakistan needs to prepare itself to explore more opportunities of information technology projects under CPEC. “Unfortunately, the academia in Pakistan is producing a less skillful workforce. It is time to produce a trained workforce to explore Chinese technology,” he added.

He said that Pakistan lacked high-tech manufacturing but it had been assembling smart phones for the last few years, which could be termed the first wave of the high-tech manufacturing industry.

“Along with high-tech IT production, software training is also essential for Pakistani youth. So far, Pakistani freelancers are working at a low rate of $5 per hour. The innovation economy can enable graduates of information technology to earn $50 per hour. In the future, the freelancing industry will work on the base of extremely high technology,” he said.

Imran Jattala said that the innovation economy could also reduce the geographic bearers in the trade of services besides helping end gender disparity. The freelancing industry enables equal participation of women. The freelancers just need creative spaces and a building facility to start their work.

“The potential for innovation economy exists in every sector because involvement of technology is unavoidable in every sector,” he said. The Pakistan Software Export Board (PSEB) has taken concrete steps to support freelancers. PSEB has launched 50 technology parks across Pakistan, including in some remote districts of Balochistan and Sindh.

“25,000 IT graduates enter the market every year. Pakistan needs to convert them into income generators. What they all need is just a building and internet facility. In the innovation economy, these freelancers will come with more skills and set up their own companies to sell their products and services in the world,” Imran Jattala told WealthPK.

Credit : Independent News Pakistan-WealthPk