Ali Hassan

Pakistan can make great strides in productivity, decision-making, innovation and economic growth by utilizing the capabilities of machine learning (ML), Ammad Ismail, a machine learning engineer, told WealthPK. “In recent years, machine learning has become a powerful technology, bringing significant changes to different industries worldwide. Pakistan, a developing country with a growing economy, has the potential to gain substantial advantages,” he said. “Machine learning algorithms revolutionize agriculture by utilizing data analysis to provide actionable insights. They optimize irrigation, fertilization and pest control, leading to increased crop yield, reduced waste and enhanced overall productivity,” he added. “Machine learning has the potential to revolutionize Pakistan's financial sector by promoting inclusivity and driving innovation.

By analysing financial data and customer behavior, ML algorithms can provide personalized financial services to underserved populations, expand access to credit, and foster the growth of digital banking. This contributes to economic activity and encourages entrepreneurship in Pakistan,” Ammad said. Machine learning has become a catalyst for the remarkable growth of e-commerce sector in Pakistan. By utilizing customer data and through behaviour analysis, ML algorithms deliver personalized shopping experiences and targeted marketing campaigns. “ML automates inventory management and logistics, improving operational efficiency and reducing costs for e-commerce businesses. It has contributed to increased profitability and economic development in Pakistan’s ecommerce industry,” he said.

According to the State Bank of Pakistan (SBP), Pakistan has the potential to accelerate its GDP by $36 billion and can create four million jobs by 2025 by increasing the use of digital financial services alone. The country has a strong IT sector, with 5,000 IT companies and call centres, 300,000 skilled IT professionals who speak English, 20,000 IT graduates and engineers, and 13 software technology parks. “Machine learning can contribute greatly to Pakistan's urbanization and infrastructure development. By analysing sensor data, traffic patterns, and energy consumption, ML algorithms optimize urban planning, transportation systems, and resource management. This leads to reduced congestion, improved energy efficiency, and an enhanced quality of life for residents,” he added.

“For any industry to succeed, it is essential to have effective management of the supply chain. ML can make supply chain operations smoother by automating tasks such as tracking inventory, processing orders, and managing suppliers. This improved efficiency can result in cost savings, happier customers, and a competitive advantage for industries in Pakistan,” Ammad added. “By embracing ML, the industrial sector of Pakistan can contribute significantly to the country's economic growth and global competitiveness. Increased productivity, cost savings, and improved operational efficiency can attract foreign direct investment (FDI) and encourage the establishment of new industries,” he said.

According to State Bank of Pakistan report the country has received $683 million in FDI during (July-Jan) of Fiscal Year 2023 as against $1.22 billion in the same period of last fiscal year (FY 22). During this period, FDI inflows were $1.178 billion and outflows stood at $493 million. “The government of Pakistan can boost the use of machine learning technology by providing incentives, tax credits, grants, and low-interest loans,” Ammad suggested.

Credit : Independent News Pakistan-WealthPk