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The Potential for Digitization to Boost Pakistan’s Economy by $60 Billion in 7-8 Years: Report

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A new report has revealed that digitization could significantly boost Pakistan’s economy, adding as much as $60 billion in the next 7-8 years. This is welcome news for the country, which has struggled with economic challenges in recent years, and underscores the potential of technology to drive growth and development.

The report, which was commissioned by the Ministry of Information Technology and Telecommunications, highlights a range of areas where digitization could have a transformative impact. This includes the digitalization of government services, the expansion of e-commerce, and the growth of the IT industry. The report notes that the rapid growth of mobile and internet usage in the country has created a strong foundation for digitization, and that with the right policies and investments, this trend can be harnessed for broader economic benefit.

One of the key areas identified in the report is the digitalization of government services. By moving key services online, such as tax payments and business registration, the government can improve efficiency, reduce corruption, and make it easier for businesses to operate in the country. This in turn can help to attract foreign investment and promote economic growth. The report notes that several initiatives are already underway in this area, including the establishment of the National Database and Registration Authority and the digitization of land records.

Another area of potential is e-commerce. Pakistan’s e-commerce sector has been growing rapidly in recent years, with an estimated 30 million online shoppers and a market size of around $4 billion. The report suggests that this growth could be accelerated with investments in logistics and payment systems, as well as efforts to improve digital literacy and trust in online transactions.

Finally, the report highlights the growth potential of the IT industry. With a large and highly skilled workforce, Pakistan has the potential to become a major player in the global IT market. The report notes that investments in research and development, as well as improvements in infrastructure and access to finance, could help to realize this potential.

Overall, the report underscores the significant economic potential of digitization in Pakistan. However, it also notes that realizing this potential will require sustained investments and policy reforms, as well as efforts to address the digital divide and promote inclusion. With the right approach, however, the report suggests that digitization can help to transform the country’s economy and position it for long-term growth and prosperity.