'Digital revolution putting Pakistan on path to progress'

By
Web Desk
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Prospects for getting more benefits out of CPEC have improved further with the change of govt in Pakistan, says WEF. Photo: Talhah Sayeed/Unsplash/ WEF

Pakistan is undergoing a digital revolution owing to the China-Pakistan Economic Corridor (CPEC) which is a flagship project of Beijing’s Belt & Road Initiative (BRI), according to an article published on the World Economic Forum (WEF) website.

CPEC has been rapidly progressing and the impact of the project can be seen in the lives of Pakistani people, as reflected in an improving human development index, the article read.

“Pakistan, which is emerging from many years of the war on terror, is now on a decent path to progress, with economic growth of 5.8% and improved investor confidence. At the World Economic Forum in 2017, Ebay’s chief executive, Devin Wenig, highlighted Pakistan as one of the fastest growing e-commerce markets in the world. In 2018, Alibaba bought Pakistan’s largest e-commerce platform, Daraz.pk,” it added.

As per the article, growth is being accelerated by other major investments in power and connectivity infrastructure, technology and digital infrastructure. Ant Financial Services, China’s biggest online payment service provider, recently bought a 45% stake in Telenor Microfinance Bank, in a deal that valued the Pakistani bank at $410 million.

“This kind of investment will benefit from the significant demographic dividend in Pakistan, targeting the largely unbanked young population, and providing not only financial inclusion but also a base on which to build digital businesses,” the article stated.

The article highlighted that the country now needs to improve its position on the innovation and financial inclusion indices.

“CPEC is creating the atmosphere for investments like this, which improve connectivity with infrastructure and digital advances. The prospects for getting more benefits out of the project have improved further with the change of government in Pakistan. By providing more transparency in CPEC deals, the government of Pakistan is ensuring a safe investment that will not lead the country into danger,” the article said.

It has been observed that populations in countries with large digital and technological divides are fast adopters of technology. China is at the forefront of developing future technologies – artificial intelligence, robotics, cyber and space technologies – making it a promising partner for countries along the BRI.

“The underlying concern for stakeholders in Pakistan and the rest of the region is to improve skills and create a future-ready workforce with an understanding of digital media and knowledge about entrepreneurship.”

The rapid completion of CPEC projects and the use of digital technology in the process is disrupting the economy and the lives of people at the same time. The question is whether Pakistan’s leadership will choose to embrace these technologies and take advantage of the biggest project on the road to progress. The future is full of opportunities and promise, it concluded.