The three points drop in Pakistan’s ranking in the Global Innovation Index from 104 in 2019 to 107 highlights the country’s eroding capability to emerge as a modern and flourishing economy globally. More than that, this drop speaks volumes about our staggering infrastructure, poor investment in human capital, education, technology, research and downtrodden financial markets. As a result, it is no surprise that our ability to lure foreign investment has weakened terribly, owing to deteriorating infrastructure.
In South Asia, Pakistan lags far behind India, Nepal, Sri Lanka and Bangladesh and according to a recent report titled “Invisible Barrier to Trade – Pakistan in 2020: Business Perspectives” released by the International Trade Center, the reason for which is our depleting and poor export performance. In the midst of such restrictions, Pakistan suffers terribly as exporters struggle at the backdrop of domestic and foreign regulations.
Thus, to guarantee long-term, sustainable goals, Pakistan needs to invest greatly in human development and technology through effective policy framework and implementation. It is high time for policymakers in the country to broaden their horizons and reduce their dependence on foreign lenders who have provided crutches to foster their own geopolitical motives. The time is now ripe to stand on our own two feet.
Hadia Mukhtar
Karachi
