Senator Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, has stressed the importance of information technology in Pakistan’s prosperity and stability.
During a high-level panel discussion at the World Economic Forum (WEF) on Thursday, Aurangzeb noted that Pakistan had achieved substantial vertical advancement in IT and had the third-largest population of freelancers, which he considered advantageous for the country.
According to a news release released by the finance ministry, the minister spoke at a panel on “The Role of New Technologies in Promoting Trade and Investment.”
He stressed that the best eco-system, solid infrastructure, bandwidth, banking alternatives, regulatory framework, and policy consistency were the main priorities for Pakistan’s IT sector. He stated that Pakistan was the first country to adopt the Digital Foreign Direct Investment Initiative and emphasized the importance of horizontal IT growth in order to reap the benefits of its universality. According to Aurangzeb, the Pakistan Digital Foreign Direct Investment Initiative would assist fuel this growth. The minister stated that conversations with IT stakeholders were now underway to promote digital infrastructure, digital adoption, and new digital services.
He stated that Pakistan’s monthly IT exports hit a new high of $384 million in December, assisting Pakistan in expanding its conventional export base, and that partnership with the Digital Cooperation Organisation (DCO) will enhance the IT industry.
He stated that unique technological zones will be established, and the private sector will be given a leading role in the country’s economic growth, resulting in employment creation.
According to Aurangzeb, Abu Dhabi DP World and Abu Dhabi Ports have made investments in Pakistan’s marine and ports sectors, and Pakistan would collaborate with these firms to strengthen customs security and efficiency. The World Economic Forum’s discussions focused on the role of emerging technologies, especially artificial intelligence, in transforming commerce and improving investment accuracy and profitability. The preparation of IT solutions for trade, finance, and investment, as well as their effective and lucrative usage in global markets, was also explored.
The conversations were hosted by the World Economic Forum’s Center for Rights, Trade, and Geopolitics, and were attended by the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi, Secretary-General of the Digital Cooperation Organization (DCO), Dima Al-Yahya, and CEOs of global companies.
Meanwhile, the minister attended the Informal Gathering of World Economic Leaders (IGWEL) discussion on “Viable Growth in a Volatile Era.” Other noteworthy participants included Tunisian Minister of Economy and Planning Samir Abdelhafidh, Saudi Arabian Minister of Economy and Planning Faisal Alibrahim, Saudi Arabian Minister of Finance Mohammed Al-Jadaan, and UAE Minister of Economy Abdulla Bin Touq Al Marri.
The discussion focused on measures for generating long-term, inclusive growth in the face of global economic uncertainty. Aurangzeb spoke at a live-streamed seminar titled “Hacking Trade and Investment”. The discussion brought together world experts such as Theodore Krantz, Mounir Nakhla, Deemah Al Yahya, Thani Ahmed Al Zeyoudi, and Miishe Addy to examine creative tactics for increasing global trade and investment flows.
Earlier, the Finance Minister met with Egypt’s Minister of Finance, Ahmed Kouchouk, and informed him on the government’s plans to achieve macroeconomic stability. The two ministers also discussed their approaches to solving national economic and development concerns.