'Data and AI' key to economic future

Federal Planning and Development Minister Ahsan Iqbal said on Monday that data sets, data integration and artificial intelligence (AI) were the significant requirements for a sustainable economic development of any country in the present-day world.

Addressing the 'Data Fest-2024', organised by the Pakistan Bureau of Statistics (PBS), Iqbal stressed that currently the world was ruled by the data-driven, knowledge-based economies. He said that data analytic and advanced technology fuelled the modern economic development and digital revolution.

"We have entered a world that is undergoing the most rapid changes in human history. We have seen huge innovations and development in modern time," he said, adding that modern data science was driving the economic revolution in the world.

"Data science is the core of artificial intelligence, and its quality is the foundation of any economic theory and development in the modern world and for that, our economy needs very reliable data with which we can measure the direction of progress," the minister told the gathering.

For sustainable economic development in the country, the minister stressed the need for continuity of policies to achieve economic goals. He underscored the importance of data-driven decision-making in addressing key issues such as those related to poverty alleviation, education, and healthcare.

The planning minister highlighted the importance of utilising big data and data analytics for the prosperity and well-being of Pakistan in future. He added that all economic indicators of the country were showing positive direction.

"Our youth have the potential to take Pakistan to a high position in the world," he said, expressing the hope that Pakistan's economy would reach $ 3 trillion and the country would be counted among the top-10 economies of the world by 2047.

He appreciated the efforts by the PBS for organising the Data Fest-2024 and thanked all international delegations from Nepal, Oman, Thailand, Australia, Uzbekistan, Azerbaijan and Iran for their participation. He also appreciated the university students who joined the event.

While addressing the ceremony, Planning Secretary Owais Manzoor Samra said that data integration, visualisation and cutting-edge technology were the ways forward for the country's sustainable economic development.