A resounding call for structural reforms, credibility-building, and a departure from an insular mindset resonated through the halls of the +92Disrupt event in Karachi. Leading figures from the technology industry, often dubbed as gurus and mavens, emphasised the need to reshape the narrative positively to draw global investments and propel Pakistan into the realm of developed businesses.
The gathering took place during the closing session of the two-day +92Disrupt conference, hosted by Katalyst Labs at a local Karachi hotel on Sunday night. Aman Nasir, Sarmayacar General Partner, delivered a thought-provoking discourse, highlighting the strategies required to attract global investments into Pakistan.
Nasir underscored the urgency of deep structural reforms to address Pakistan’s fiscal deficit, emphasising the necessity for consistent policies and stability to attract international investments. He stressed the importance of providing suitable returns, facilitating access to human capital, and enforcing high corporate governance standards with transparent repatriation protocols for capital.
“International investors have a range of options and cannot be browbeaten into investing - you have to offer the right returns, access to human capital, corporate governance standards and openness around repatriation of capital,” he said, adding that, “What’s more! We had a start-up that paid out a dividend last year from Pakistani operating company that has still not been remitted out due to the roadblocks created – that doesn’t send the right signal to investors. To be honest, we need to move away from subsidies and a protectionist, import substitution mindset to opening up to the world – no country has progressed without trade liberalisation. The competition is healthy for an economy – for too long we have been insular, with a distorted tariff structure that creates an anti-export bias,” he said.
The vitality of confidence emerged as a recurring theme in Nasir’s discourse. He called upon the nation to shape a positive narrative and gain inspiration from countries that have reformed and risen to become developed nations. Nasir acknowledged that exponential change begins gradually but can erupt suddenly, propelling Pakistan towards progress.
Read: ICT-led human development: A lesson from G-B’s success story
Shifting the focus to technology’s transformative role in traditional industries, Zeeshan Baig, General Manager at Syngenta Pakistan, underlined the need for a comprehensive government strategy to harness innovation, particularly in the agriculture sector. Baig advocated for drones, sustainability, and efficient crop patterns. He emphasised the importance of a favourable environment for startups and multinational companies, fostering a thriving ecosystem.
Baig’s vision extended to the pervasive influence of artificial intelligence (AI), predicting its integration even in the agriculture sector. AI, he asserted, could revolutionise numerous industries, with its ability to detect and treat diseases, offering promising avenues for innovation. Baig encouraged startups and Small to Medium-sized Enterprises (SMEs) to forge partnerships with larger companies to achieve rapid progress.
Roman Ermoshin, Director APAC at inDrive, delved into the world of digital marketing skills, emphasising their accessibility through various platforms. He highlighted the importance of mastering digital structures and channels, preparing compelling presentations to attract consumers, and understanding the fundamental purpose of marketing.
Bodybeat PR, CEO, Hasan Rizvi, shared valuable insights on content creation and boosting the content economy on social media. Rizvi encouraged content creators to prioritise factual, consistent, audience-centric content. He emphasised the significance of embracing uniqueness and resilience, underlining the gradual growth of businesses and the dedication it entails.
Published in The Express Tribune, November 14th, 2023.
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