‘Policy facilitation can boost digital economy’
Panellist says shift to digital technologies has become increasingly important as it helps in cutting the cost and time faced by traders. PHOTO: AFP
Economic and trade experts have agreed that policy and regulatory facilitation can aid the digital economy of Pakistan to grow and reach its true potential so it can contribute to the national economy in a more robust manner.
They were speaking at a public-private dialogue titled “Pakistan in Digital Trade - Challenges and Opportunities”, organised by the Sustainable Development Policy Institute (SDPI).
Prime Minister’s Task Force on IT member Pervez Iftikhar presented an overview of IT and telecom sector and stressed that regulations of the Pakistan Telecommunication Authority (PTA) and State Bank of Pakistan (SBP) were not conducive enough to attract foreign investment.
“Processes are tedious and the market data desired by investors is missing,” he lamented. “The public sector is not investing its own budget in the production and facilitation of digital technologies.”
On the other hand, he said the data protection law, which was highly desired by domestic and foreign investors, was still awaited.
Therefore, “such a regime is encouraging even for the local Pakistani firms to keep their data services outside Pakistan”, he concluded.
Pakistan Software Export Board (PSEB) Managing Director Osman Nasir was of view that a lack of venture capital and comprehensive insurance framework in the digital sector was discouraging investors.
He added that double taxation treaties also needed to be promoted to boost trade in services in addition to an efficient judicial system.
SDPI Joint Executive Director Vaqar Ahmed emphasised that the digital economy required greater trade in IT and ICT products and promotion of a stronger digital infrastructure.
“Government’s response to crisis-like situations such as Covid-19 and monsoon rains remained weak in some regions of the country due to poor internet connectivity,” he said.
Published in The Express Tribune, September 26th, 2020.
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