Pakistan needs to transform to a tech driven economy, says Federal Minister for Planning

Makhdoom Khusro Bakhtiar, Federal Minister for Planning, Development, and Reform, has said that Pakistan needs to transform from an agricultural economy to tech-driven economy in order to stay competitive at the international level.

Pakistan has relied on its agricultural exports to bring in foreign exchange in the past, with nearly 60 percent of the population still associated with agriculture, Pakistan’s economy is heavily dependent on this sector for sustenance and growth. However, the global trends, and especially trends in the South Asian countries, have been towards the development of the ICT sector which makes up for a huge part of exports in countries like India and Bangladesh.

China, one of the largest economies in the world, was also a primarily agricultural economy at the beginning, but due to huge investments in the fields of Science and Technology, it has been able to expand into tremendous new areas of economic growth.

The minister emphasized the need of promoting science and technology in Pakistan for chalking out innovative solutions to problems currently being faced by Pakistan. He pointed towards the formation of a national task force on the technology-driven knowledge economy, which would be headed by Prime Minister Imran Khan and Vice Chaired by the Federal Minister himself. While talking about the importance of the knowledge-based economy, the minister said:

“In today’s world, knowledge is the main driving force behind leading economies; knowledge contributes significantly to economic growth. The knowledge-based economy provides the basis for sustainable socio-economic development and focuses on hi-tech manufacturing; exports will not only boost the national economy but will also provide an opportunity to capture their due share in the global market.”

The task force will focus on key areas including agriculture, energy, water resources and IT.