Pakistan's Economy Can Grow Faster With AI

“This (AI) offers Pakistan’s economy a faster growth path than the world’s fastest bullet train. The world will be our oyster if we board the AI train,” said President.

Pakistan's Economy Can Grow Faster With AI

The President asserted that almost no industry or profession could advance without embracing artificial intelligence (AI), cloud computing, and information technology (IT). President said this on Thursday at the “4th Pakistan Artificial Intelligence Summit 2023″ in Islamabad.

The president claimed that because artificial intelligence (AI) ensures rapid economic growth, it has surpassed human intelligence as the second-most significant component in every economic sector.

“This (AI) offers Pakistan’s economy a faster growth path than the world’s fastest bullet train. The world will be our oyster if we board the AI train.”

He emphasised the enormous opportunities that cyber security and data analytics present for organisations and people, and he added that the move towards 4G and 5G was a significant development for Pakistan’s swift economic development.

“Over the next five to six years, 80 million professionals will be needed globally in the field of cyber security. There is a lot of data available, but there aren’t enough experts to analyse it and use it effectively,” the president said.

Information and communication technology (ICT) experts have mixed opinions about the government’s efforts to improve AI despite repeated statements from high-ups, with some expressing confidence and others maintaining scepticism.

Speaking to the media, startup investment expert Kapeel Kumar said that Pakistan’s AI industry was advancing because the country’s policy had been crafted in a way that gave private businesses a significant amount of sway.

However, “With no emphasis on AI education, the government’s readiness is still an issue, which raises serious concerns about the future development of this industry. We cannot achieve our objectives and create long-term sustainability without educating young people in the field of information technology ” he added.

The COVID-19 pandemic has highlighted the urgent requirement for implementing digital technologies, a green transition, and AI-based models to address public health management challenges that could arise after a pandemic.

Kumar stated that despite Pakistan’s large population and wealth of natural resources, the country had lagged behind other countries in the development and adoption of AI technology.

“Unfortunately, Pakistanis are slow in the race for AI supremacy,” Kumar added. He described it as a serious concern and said that if Pakistan did not take coordinated action to stay competitive in the rapidly changing global economy, it ran the risk of falling behind.

In an interview, JS Global ICT analyst Waqas Ghani Kukaswadia said that artificial intelligence systems could be used to monitor incidents and establish management standards and procedures. They could also be employed to guarantee cyber security and ward off online fraud.

The JS analyst stressed that governments may use AI technologies to handle big data to conduct research to identify common resident needs, reduce management costs, and optimise the provision of services.

Pakistan was safe from any default-like situation, according to Minister for Planning, Development, and Special Initiatives, who spoke at the conference. “The crisis is almost over for us. Every day that goes by brings us a little bit closer to the point of stability where weaknesses will be overcome ” he said. “We will take action to permanently stabilise Pakistan’s economy in the next two to three years.”

According to the minister, Pakistan could overtake the United States as the third-largest source of IT freelancers, and “AI professionals will address the country’s (chronic) issues,” he added. According to the minister, AI and the private sector would aid in achieving the desired export levels. The government will invest fully to ensure that infrastructure is competitive.

Ajmal Anwar Awan, International Coordination Member for the Ministry of IT and Telecom, stated that the Prime Minister had set a goal for the ministry to increase Pakistan’s exports to $50 billion annually over the next few years.

He emphasised that digital technology was now essential for economic growth because it could propel the country forward and accelerate growth across the board, including in the textile and other manufacturing sectors. According to the China-Pakistan Economic Corridor (CPEC), “We are working with China to develop a digital corridor,” he said.

In expressing his opinions, P@SHA Vice Chairman Khuram Rahat noted that although there was some debate about whether the adoption of IT would result in increased unemployment, the reality was that it had increased the number of employment opportunities.