Digital transformation essential for growth
Fast-track digital transformation is necessary for rapid economic growth, said Minister of Planning, Development and Special Initiatives Ahsan Iqbal while reviewing the recommendations by the Overseas Investors Chamber of Commerce and Industry (OICCI) for digital transformation during a round-table conference held on Thursday. With an objective to set the country on a digital path and help it emerge as a key regional player, the OICCI report offers recommendations on digital transformation to the policymakers and stakeholders, including the Ministry of Information Technology and Telecommunications, State Bank of Pakistan (SBP), Federal Board of Revenue (FBR) and Higher Education Commission (HEC). E-commerce currently reflects hardly one per cent of the entire retail market of Pakistan. AccÂepting the recommendations made in the report, the government can provide innovative employment prospects to 23pc of Pakistan’s young population while adding $60 billion to the economy within the next eight years. The OICCI report has recommended a rapid increase in the fibre optic broadband penetration, focus on 4G penetration and a need for the Artificial Intelligence policy to supplement decision-making.