Govt aims to invest in demographic potential

Minister says this will help enhance job opportunities, raise revenue

ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has said that the government is committed to investing in the country’s demographic potential and reaping its immense dividends in a bid to make Pakistan a vibrant economy.

Speaking at the concluding session of the “Thought Leaders Summit 2020”, organised by the British Council, the minister stated that the investment would create enhanced opportunities in the job market, generate revenue and put the country on the path of development and prosperity.

Talking about prospects of jobs for the youth, Azhar stressed that Pakistan could reap huge benefits from its demographic potential.

“Other countries like Indonesia, Japan, China and India have taken advantage of their demographic potential but unfortunately Pakistan, despite the fact it has a big potential, has not utilised it,” he added.

Speaking about the digital economy, Azhar was of the view that Pakistan had not performed well in the digital arena as digital starts-ups usually began with small and medium enterprises (SMEs).

He pointed out that there was a time when that particular sector’s share was 16% but in recent years it declined to 8%.

“The State Bank of Pakistan (SBP), in collaboration with the Ministry of Finance, has taken bold initiatives and in the next three to four years the level will be back at 16% and we should increase it further,” he stressed.

Talking about creative economy, the minister said Pakistan lagged in that area too. “We need to brand our culture and heritage as small countries with limited resources are generating huge revenue by investing in the creative economy,” he said.

“This is the ideal time that we turn a liability into opportunity and this can be made possible only by moving in the right direction at the right time,” Azhar concluded.

Published in The Express Tribune, March 7^th, 2020.

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