Pakistan’s progress in the evolving digital economy can be fast-tracked by promoting the training and adoption of digital skills, whereby Rs2.8 trillion can be added to the country’s Gross Domestic Product (GDP) in the next five years.
This was suggested by the global tech giant, Google, during an event it hosted for Pakistan. The event was aimed at highlighting and discussing the country’s potential in the digital sphere. During the event, Access Partnership launched the “Agay Barho: Empowering Pakistan’s Digital Economy” report, which declares IT as one of the most promising sectors of the country. According to the report, the services exports within IT have grown 2.7x annually since 2014, and today 35 percent of the total services-sector exports of Pakistan stem from IT.
The report highlighted that the exports of digital products could uplift Pakistan’s economy significantly, expecting an additional revenue of Rs.1.8 trillion, or $6.6 billion. It added that this growth can be achieved if the government introduces policies that create a conducive environment for the sector. The report further mentioned that through digital technologies, Pakistan can tap overseas markets and exploit the opportunities that lie therein. It particularly highlighted the role artificial intelligence (AI) can play in this regard.
Youth pledges foreign exchange
Separately, thousands of young professionals have promised to help the country pay of its debts by bringing in foreign exchange to the country through their earnings in the IT sector. These youngsters, who are the graduates of the Saylani IT Program, conducted by the Saylani Welfare Trust, met at a reunion held at the Mohatta Palace in Karachi.
Chief Guest Muhammad Ali Tabba highlighted the IT sector’s potential in helping resolve the country’s economic woes. State Bank of Pakistan’s (SBP) Deputy Governor Saleemullah, who was also present on the occasion, highlighted the support extended to the IT sector by the central bank. He said that the bank would wholeheartedly support the sector in the future to help it become the leading earner of foreign exchange in the next five years.
Speaking on the occasion, Faysal Bank CEO and President Yousuf Hussain said that Pakistani banks needed IT professionals to help them improve their digital banking services while maintaining their security in an era of cybercrime. Arif Habib, a prominent businessman, also declared his backing to the efforts of the Saylani Welfare Trust in this regard. Mover, Turkish Consul General Cemal Sangu said that Turkey’s doors were open to the youth of Pakistan. He also highlighted the key role being played by the Saylani IT Program to train the country’s youth.
Women in tech
Pakistan’s IT sector is diverse and actively sees the participation of women. Moreover, women entrepreneurs are making headlines as they drive innovation and set new standards in the industry. Recently, seven women-led companies were awarded Rs1.5 million to help them improve their businesses.
The Women in Tech program was jointly conducted by the Standard Chartered Bank Pakistan and INNOVentures Global. Out of 25 teams, seven teams were chosen under the program. These teams were excessively trained for three months to help them with various strands of their businesses. Now, these seven companies will be provided further support, including fiscal disbursement, during the next nine years. The companies that were selected are Civixa, Out Class, Storytellers Club, Abey Khao, Cheezain Etc, MediQ and SLOSH AI.