ISLAMABAD: Pakistan’s lack of policy direction for the digital transformation of the economy threatens the realization of its e-commerce potential, an Islamabad-based think tank says in a study released on Friday.
In 2020, the State Bank of Pakistan forecasts total e-commerce activity in Pakistan to have more than tripled since 2016-17. However, the growth of the e-commerce sector “has largely been in spite of government policy action (or lack thereof), not because of it,” the report says.
According to technology policy expert Anum Malkani, who authored the study published by Tabadlab, despite e-commerce being recognized as an important tool to boost small and medium-sized enterprises (SMEs), employment and exports, the policy response has been slow.
While the Ministry of Commerce released Pakistan’s e-commerce policy in October 2019 to address the slow pace and lack of direction, Tabadlab argues there remains ambiguity on key issues such as data protection, digital financial transactions, and foreign direct investment (FDI) in e-commerce.
To truly transform transactions, the study says, policy must strengthen the technology and payments infrastructure and improve access across the country and regulatory framework, including protecting consumers from fraud, and ensuring data protection and privacy.
It must also clarify taxation policy with regard to local and international e-commerce, and enable access to foreign markets through multilateral and bilateral agreements.
If not addressed, according Tabadlab, the gaps threaten the realization of Pakistan’s e-commerce potential.
Policy gaps threaten realization of Pakistan’s e-commerce potential — study
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Policy gaps threaten realization of Pakistan’s e-commerce potential — study
- SBP forecasts e-commerce activity in 2020 to have more than tripled since 2016
- Policy ambiguity remains with regard to data protection, digital financial transactions and FDI
Pakistan PM invites UAE investment across tech and resource sectors at National Day event
- Shehbaz Sharif says the UAE remains a key economic partner and continues to lend ‘critical support’ to Pakistan
- UAE envoy says both nations have potential for cooperation in renewable energy, AI and economic diversification
ISLAMABAD: Pakistan is ready to welcome investment from the United Arab Emirates across emerging technologies and resource sectors, Prime Minister Shehbaz Sharif said on Monday, as both countries marked the 54th National Day of the Gulf country in Islamabad.
Speaking at the ceremony attended by senior ministers, diplomats and business leaders, Sharif said the UAE remained a key economic partner for Pakistan and continued to lend “critical support” to the country’s stabilizing economy.
“Pakistan takes great pride in its strategic partnership with the UAE, which continues to deepen across every domain of life,” he said. “With Pakistan’s economy stabilizing, we stand ready to welcome Emirati investment in renewable energy, AI, fintech, agriculture and minerals.”
Sharif praised the UAE’s leadership and recalled his earliest memories of the Gulf nation as “a land that believed in possibilities long before they became realities,” saying the country’s progress under President Sheikh Mohamed bin Zayed Al Nahyan commanded “profound admiration.”
UAE Ambassador Salem Al Bawab Al Zaabi said the Emirates was committed to strengthening ties with Pakistan in areas including the economy, energy and artificial intelligence.
He said the two countries shared a “deep-rooted friendship built on mutual respect, shared values and a common vision for regional peace and development.”
“We see tremendous potential for collaboration in renewable energy, artificial intelligence, sustainability and economic diversification,” the ambassador said, adding that the UAE aimed to broaden the scope of its economic relations with Pakistan.
The UAE hosts around 1.8 million Pakistani expatriates, one of the country’s largest overseas communities, who Sharif said contributed “tirelessly” to the Gulf state’s development.
Sharif and Deputy Prime Minister Ishaq Dar also joined the UAE ambassador in a cake-cutting ceremony to mark the occasion.
