Digital Economy Vital for Sustainable Development: Ahsan Iqbal

Mon Jul 10 2023
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BEIJING: Federal Minister for Planning Development & Special Initiatives Ahsan Iqbal termed the digital economy a vital and significant move to ensure sustainable development of the country.

The minister expressed this while speaking at the panel discussion titled: “Industrialization & Digital Era Connectivity,” organized by the China International Development Cooperation Agency (CIDCA) here in Beijing on Monday.

The minister in China, on a four-day official visit to attend a special commemorative 12th Joint Cooperation Committee (JCC), begins on Tuesday (July 11) to mark the 10-year celebrations of the China-Pakistan Economic Corridor (CPEC).

The mega CPEC project enters a significant milestone as it celebrates a decade of remarkable achievements in fostering infrastructure development, economic growth, and regional connectivity.

While highlighting the importance and significance of “Industrialization & Digital Era Connectivity,” Ahsan Iqbal said that industrialization and digital-era connectivity have transformed the globe as both have brought unprecedented opportunities for development, progress, economic growth, and connectivity.

However, the planning minister emphasized the harmonization of digital policies and standards through stronger collaboration through multilateral forums adding that digital connectivity has revolutionized collaboration and communication in industrial sectors.

He maintained that the E-commerce platforms and online marketplaces enabled businesses to reach customers worldwide, expanding their customer base and opportunities for growth, while highlighting E-Pakistan, a significant E of the 5Es framework which was launched recently by the Planning Ministry.

The minister highlighted that digital connectivity has provided businesses with the ability to access larger markets beyond their immediate geographical boundaries.

The digital era has generated massive amounts of data through various sources, including production processes, market trends, and customer interactions, Ahsan said.

Pakistan Heading Towards Sustainable Development

The minister explained that startups and small businesses can leverage digital platforms and technologies to hit global markets and transform traditional industries adding that the key initiatives which were taken by the government included the establishment of National Centers in Artificial Intelligence, automation & Robotics, Cybersecurity, Big Data & Cloud Computing, Quantum Computing, and Nanotechnology.

Hailing the remarkable contributions of China in the field of industrialization, Ahsan Iqbal said that developing nations can draw several lessons from China’s experience with industrialization and digital-era connectivity.” China has undergone significant economic growth and technological advancements, making it a valuable example for developing countries,” the minister said.

He noted that Pakistan was taking several benefits from infrastructure development under CPEC to improve its connectivity within the country and facilitate industrial growth.

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