Digital Economy: Ministry of Commerce Expects Annual Boost of up to $40 Billion in GDP.

One of the high officials of Ministry of Commerce while talking to APP here on Sunday said that Pakistan expected to do broadly in Digital Economy as nation has colossal support of worldwide versatile market, with more than 160 million cell phone endorsers and around 150 million Internet clients.

The Digital Economy has a huge potential of boosting the nation’s Gross Domestic Product by up to 40 Billion dollars and also will strengthen the local economy, he said.

“Through the evolution of Digital Economy, Pakistan can rapidly achieve its economic agenda in all major sectors including trade and E-commerce, education and health for economic growth in the country” he added.

“We can improve public services in different sectors through the modern digital tools for providing rapid services to the people“. He said that Pakistan was a agriculture country and through the modern digital mechanism, the farmers and agriculture workers can improve their financial mechanism to connect with global value chain.

“Digital Data Integration System would play an significant part to improve the economic mechanism in all major sectors of economy” “It is also important for bridging the gap in economic and trade data process through integration of various data mechanism to reflect the true picture of economy including trade, industries, services and agriculture sector“ he added

“To evolve the proper trade data mechanism to resolve the issues in trade data, the government intended to include Export Processing Zones (EPZs) in its trade data collection system, which was not currently taken into account by the Pakistan Bureau of Statistics (PBS) and the State Bank of Pakistan (SBP)”

He pointed out that exclusion of exports, routed through the EPZs by the two organizations resulted into a difference of $1.2 billion between the actual exports and those reported by them.

The official said “The federal cabinet had already approved the E-commerce policy for promoting the digital culture and paperless trade to help enhance the trade volume.
He added that it was the government’s priority to evolve the integrated trade data system and streamline the affairs by the end of October. All the system would be linked to the Ministry of Commerce under the control of SBP to promote the culture of freelancing to capture opportunities in the global market through websites and other digital tools“.

He said the software export potential was not being exploited properly as three different pieces of software were being used by freelancers to acquire the work deals from abroad.
As per the statement of the official of Ministry of Commerce, the government has aimed to make things easy for youth who is providing freelance services to foreign firms or individuals & facing problems arising because of difference of software. It will help in enhancement of Pakistan’s Freelance market also.

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