ISLAMABAD, Jan. 18 (INP-WealthPK): Punjab Minister for Information Technology Yasir Humayun has said that IT industry in Pakistan is ready to take off, but the industry’s real capital is the trained manpower to attract investment. “Time is now to take full advantage of high-tech and IT sectors,” he stressed, while speaking at a symposium on e-commerce arranged by the Lahore Chamber of Commerce and Industry (LCCI), according to a media statement. The minister asked the LCCI to provide a platform to bring together all the stakeholders. “E-commerce is growing at an alarming pace and expected to touch new peak globally during the ongoing year. It is also heartening to note that e-commerce industry in Pakistan is growing rapidly, but more attention should be given to exploit its potential as a driving force for the economy,” the minister underscored. On this occasion, LCCI president Mian Nauman Kabir said e-commerce had the potential to boost enterprise competitiveness and increase their share in global trade in developing countries like Pakistan. “E-commerce can change destiny of the country as it has become trillion dollars industry worldwide. In 2020, retail e-commerce sales worldwide amounted to $4.28 trillion and e-retail revenues are projected to grow to $5.4 trillion in 2022.” "We live in the age of information technology, where most of the developments having taken place during the last couple of decades have changed the entire face of life in general and the business world in particular," he added. Mr Kabir said e-commerce had become a must for individuals, particularly those living in the urban centres. “Even during the Covid-19 pandemic when lockdowns were the norm, e-commerce thrived, paving the way for inclusive trade and economic development.” Mian Kabir stressed that e-commerce could help entrepreneurs overcome the usual trade channels and reach a global market since Internet-based enterprises can be operated at a very small scale. “Studies show that micro-, small- and medium-sized enterprises that use e-commerce platforms are likely to export around five times more than those in the traditional economy.” The LCCI president said after the entry of international giants like Amazon and Alibaba to the Pakistani market, other such entities would follow suit to exploit the tremendous potential the sector has. “This is going to create a competitive environment that will raise the standards of local industry and also benefit the consumers. It is high time that private sector representatives learnt and adopted the latest tools and techniques being used around the globe.” The LCCI president said the e-commerce summit provided sufficient knowledge and training to the participants related to online marketing and sales, social media platforms, international business platforms and digital payments, and hoped they would attain some degree of success in their future endeavours. Speaking at the e-commerce symposium, LCCI senior vice-president Mian Rehman Aziz Chan and vice-president Haris Ateeq said growing popularity of e-commerce was because of the convenience, value and choice it offered to consumers. They said boost in online shopping not only generated economic growth but also spurred innovation among sellers, enabling them to pinpoint what made their product unique, and created a compelling experience that kept the customers coming back. Convener of LCCI Standing Committee on Information Technology and Open-Source Software Promotion Ahmad Muzammil shed light on the aims and objectives of the symposium on e-commerce and called for collective efforts by the public and private sectors to realise the full potential of the sector in Pakistan.