ISLAMABAD: Overseas Chamber of International Trade and Industry (OICCI) digital report stated that Pakistan’s IT services exports have the potential to reach $ 10 billion.
The “OICCI Digital Economy Proposals” report, highlighting the much-needed change required to seize the opportunity for digital transformation within and outside Pakistan with the New Economy mindset, was released on Monday. By digitizing, if not all, key segments of the economy, it can increase IT exports to $ 10 billion a year, achieve substantial growth in GDP, attract billions of dollars in foreign direct investment, and create hundreds of thousands of new jobs in a short time.
Membership of the Overseas Investors Chamber of Commerce and Industry (OICCI) includes some of the most well-known IT Multinational Companies, including IBM, SAP, Teradata, who have actively contributed to the development of these Digital Economy proposals. Up to half a million Certified Resources in Pakistan use global courses that are successfully run in many developed countries.
These are online industry-focused programs that the government should invest in monitoring, adoption and deployment through a Program office located solely in the Ministry of IT. The OICCI Digital Proposals highlight the importance of transitioning from academic degrees to skills development to ensure efficient and effective participation of Pakistani talent in the New Economy, which is growing much faster and attracting capital globally.
Highlighting the IT export potential, OICCI President Haroon Rashid said, “IT exports from Pakistan are only $ 1 to 2 billion, while half of Pakistan’s population exports IT services of about US $ 30 billion, while India’s IT exports are more than 190b and many other Asian countries also It is far ahead of Pakistan and this should be a major concern for the authorities, but it can also be a motivating factor as Pakistan has great potential to increase its IT exports in the focused short and medium term. Strategy and Recommendations for the OICCI Digital Economy The OICCI report is a steady and stable platform to ensure the active participation of global players in the Platform Economy to attract FDI, have a significant positive impact on GDP growth and also connect Pakistan to the global e-commerce and creative economy opportunity. It further emphasizes the importance of inclusive regulatory practices.
OICCI appreciated the Special Technology Zones, recently opened by the Prime Minister, which it hopes will benefit the country in the medium and long term. However, for immediate gains, OICCI recommended the need to set up a digital mechanism to provide Ease of Doing Business coverage in the public-private partnership to quickly provide 5-10 million square feet of space in use through the Virtual Authority.
The OICCI report highlights the potential of FDI by creating a favorable environment for investment in the Platform and High Technology ecosystem so that Pakistan can attract global IT platform players and Venture Capital financing to accelerate innovation. The OICCI Digital proposals cover six main areas: i) Connectivity, ii) Digital Finance System, iii) Export Growth and Digital Skills, iv) Platforms and E-commerce Ecosystem, v) Innovation and Regulatory Environment and vi) Digital Governance and Citizen Services.
Other proposals include the need to greatly improve the quality and stability of the connection by forcing the fiberization impulse in the country, a faster focus on Digital Finance Services by eliminating the existing friction, the country’s integration with global chains, and the need to improve citizen and business services. digital governance that can significantly assist in service efficiency and the image of the country.
With the highly improved security environment duly recognized by independent sources and very attractive operating costs for hard currencies following the massive devaluation of the PKR, OICCI once again emphasized the need for continued and structured efforts to improve Pakistan’s global image. An attractive target for FDI, including major international technology players.