Pakistani PM Pledges To Build Thriving Digital Investment Ecosystem

(MENAFN- IANS) Islamabad, Jan 19 (IANS) Pakistani Prime Minister Shehbaz Sharif has pledged to foster a robust digital investment ecosystem, aligning with a global initiative aimed at driving digital foreign direct investment (FDI) into the country.

The prime minister issued a statement on Saturday and highlighted Pakistan's strides in digital transformation, which he said are expanding revenues, increasing workforce and boosting exports, Xinhua news agency reported.

"We reaffirm our unwavering commitment to cultivating a thriving digital investment ecosystem, paving the way for digital prosperity for all," he said.

The World Economic Forum and the Digital Cooperation Organization launched the Digital Foreign Direct Investment Initiative in 2022 in Davos, Switzerland, to enhance cross-border digital investment, particularly in emerging markets.

"Pakistan's Digital FDI-Enabling project is pioneering efforts to foster digital growth through targeted actions", said a report by the forum on Friday, adding that the project is structured around four pillars, including digital infrastructure, digital adoption, new digital activities and digital services exports.

The forum outlined targeted actions taken by Pakistan in critical areas for growth, carefully tailored to Pakistan's socioeconomic conditions, regulatory framework and evolving digital landscape.

Last year, Pakistan's State Minister for Information Technology (IT) Shaza Fatima Khawaja said the South Asian country planned to establish a National Digital Commission to ensure the digitisation of its economy and governance.

The commission will not only improve governance and tax collection efficiency, but it will also make the inter-ministerial coordination smooth, according to Khawaja.

Pakistan, faced with an economic meltdown in recent years, has made rigorous efforts to introduce structural reforms to revive its $350 billion economy.

Khawaja said paperless governance was“vital” to speed up government operations and the commission would help remove procedural bottlenecks.

Pakistan is part of the 16-member DCO, the world's first standalone international intergovernmental organisation, which focuses on the acceleration of growth of an inclusive and sustainable digital economy.

Other members of the multilateral organization, founded in November 2020, include Bahrain, Bangladesh, Cyprus, Djibouti, Gambia, Ghana, the Hellenic Republic (Greece), Jordan, Kuwait, Morocco, Nigeria, Oman, Pakistan, Qatar, Rwanda and Saudi Arabia, collectively representing nearly $3.5 trillion in GDP and a market of nearly 800 million people, more than 70 per cent of whom are under the age of 35.

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