Arooj Zulfiqar

Pakistan is embracing digital technology to transform its economy and improve efficiency, accessibility, and financial inclusion for its citizens. “The government's digital transformation agenda is designed to enable a thriving digital ecosystem that will benefit businesses, entrepreneurs, and consumers across the country,” said an official of the Ministry of Information Technology and Telecom.

“The government is committed to building a digital Pakistan, from providing better access to digital infrastructure to promoting digital payments and e-commerce,” said the official. “One of the key factors driving the growth of Pakistan's digital economy is the country's young and tech-savvy population. According to the Pakistan Telecommunication Authority (PTA), the country has over 180 million mobile phone users, making it one of the largest mobile phone markets in the world.

“This presents a huge opportunity for businesses and entrepreneurs to tap into this market and reach a wider audience through digital channels,” said the official. He said the government has been working to provide better access to digital infrastructure, such as broadband internet and 4G services, to the population.

The National Broadband Policy aims to provide high-speed broadband internet to all citizens, including those in remote areas, at affordable prices. This will help bridge the digital divide and enable more people to participate in the digital economy,” said the official.

The official said another key area of focus for the government is promoting digital payments and e-commerce. He said the State Bank of Pakistan (SBP) has launched a number of initiatives to encourage digital payments and reduce reliance on cash-based transactions. For example, the SBP has introduced Raast payment system, which provides a safe, secure, and efficient way to transfer money electronically.

He said the private sector is also playing a crucial role in driving the growth of Pakistan's digital economy. “The country has seen a surge in startups and entrepreneurial ventures in recent years, with many of them focused on developing digital solutions for businesses and consumers. The rise of these startups is a testament to the growing appetite for digital innovation in Pakistan and the opportunities that exist in the digital economy,” he said.

The official said the COVID-19 pandemic has also accelerated the shift towards digital channels in Pakistan. “With lockdowns and social distancing measures in place, businesses and consumers had to rely on digital solutions to carry out their day-to-day activities. This further highlighted the importance of digital infrastructure and the need for businesses to embrace digital transformation to survive and thrive in the new normal,” he emphasised.

The official said there is still much work to be done to fully realise the potential of Pakistan's digital economy. By continuing to invest in digital infrastructure, promoting digital payments and e-commerce, and providing a supportive environment for startups and entrepreneurs, Pakistan can build a thriving digital ecosystem that will benefit the country's economy and society as a whole. “There is also a need to address the issue of digital literacy and ensure that the population has the necessary skills and knowledge to participate in the digital economy,” he added.

Credit: Independent News Pakistan-WealthPk