The digitizing of the key segments of the economy could boost IT export to$10 billion annually, provide significant growth to GDP, attract billionsof dollars of foreign direct investment (FDI), and create hundreds ofthousands of new jobs within a short time, said Overseas Investors Chamberof Commerce and Industry (OICCI) in its report titled, “OICCIRecommendations for Digital Economy.”
The report emphasized the much-needed shift required to capture theopportunity of Digital transformation happening within and outside Pakistanthrough a new economy mindset.
OICCI Digital Recommendations highlight the importance of the shift toskill development from academic degrees to ensure productive and effectiveparticipation of Pakistani talent in a new economy that is growing muchfaster and attracting capital globally.——————————
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Highlighting the potential for the IT export, OICCI President, HaroonRashid, commented, “Whereas IT exports from Pakistan are only $1 to $2billion; the Philippines – with half the population of Pakistan – exportsIT services of about $30 billion, India’s IT exports are over $190 billionand many other Asian countries are also well ahead of Pakistan.”
He said that this should be a cause of great concern to the authorities,adding, “But at the same time could be a motivational factor as Pakistanhas great potential to boost its IT exports with focused short andmedium-term strategy, and its delivery by the key stakeholders, asrecommended in the OICCI Recommendations for Digital Economy report.”
The OICCI report further highlights the importance of stable and inclusiveregulatory practices, to ensure effective participation of global playersin the platform economy to attract FDI, make a significant positive impacton GDP growth, and also connect Pakistan to global e-commerce and createeconomic opportunities.
It has appreciated the Special Technology Zones (STZs) recently inauguratedby the PM, which hopefully will benefit the country in the medium to longerterm. However, for immediate gains, OICCI has recommended the need toestablish a digital mechanism to provide Ease of Doing Business coverage inPublic-Private Partnership to bring 5-10 million sq ft space quickly inutilization through Virtual Authority.
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The OICCI report highlights the FDI potential by creating an enablingenvironment for investment in the platform and high-Tech ecosystem so thatPakistan can attract global IT platform players and Venture Capital fundingto accelerate innovation.
The OICCI Digital recommendations cover six key areas:
– Connectivity – Digital Financial System – Export Growth and Digital Skills – Platforms and E-commerce Ecosystem – Innovation & Regulatory Environment – Digital Governance and Citizen Services.
Other recommendations include the need to massively improve the quality andstability of connectivity by pushing fiberization drive in the country,accelerated focus on Digital Financial Services by removing existingfriction, enabling the country to be integrated with global chains, andimproved citizen and business services, through digital governance, whichcan help significantly in terms of service efficiency and image of thecountry.——————————
With a highly improved security environment, duly recognized by independentsources, and very attractive operating cost, in terms of hard currencies,following the massive devaluation of the Pakistan Rupee (PKR), OICCI onceagain emphasized the need for sustained and structured efforts forimproving the global image of Pakistan as an attractive destination forFDI, including for large international technology players.
The recommendations report was prepared under the auspices of OICCI by itsmember companies, including IBM, SAP, Teradata. These members activelycontributed towards the development of these Digital Economyrecommendations and offered to run one Integrated technology trainingprogram for up to half a million Certified Resources in Pakistan usingglobal courses successfully being run in many advanced countries.
