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Latest News - December 16, 2024

Iftikhar Malik calls for adopting China’s economic model to digitize Pakistan’s industrial sector

December 16, 2024

Former SAARC Chamber of Commerce and Industry president Iftikhar Ali Malik has called for adopting China’s economic model to transform Pakistan’s industrial sector into a digitalized economy. He emphasized the need for bold reforms, strategic partnerships, and Special Economic Zones with cutting-edge technology to modernize Pakistan’s outdated industrial framework. By replicating China’s digital transformation initiatives and fostering a culture of entrepreneurship and skill development, Malik believes Pakistan could harness its industrial potential and compete globally. A unified approach under the China-Pakistan Economic Corridor (CPEC) framework, with China as a key partner, could be a game-changer for sustainable economic growth and global competitiveness.

LAHORE, Dec 15 (APP): SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik has called for adopting China’s economic model to transform Pakistan’s industrial sector into a digitalized economy.
In a press statement issued here on Sunday, he emphasised the need for bold reforms and strategic partnerships to modernize Pakistan’s outdated industrial framework, enhance productivity, and foster economic resilience. He said China’s rapid ascent as a global economic powerhouse, attributing its success to policies focusing on technological innovation, robust infrastructure development, and incentives for industrial automation. He pointed out that Pakistan could replicate key elements of China’s model, particularly its digital transformation initiatives, to harness its industrial potential and compete in the global market.
Malik stressed the importance of creating Special Economic Zones (SEZs) with cutting-edge technology and facilities, similar to those established under China’s economic reforms. He added that fostering a culture of entrepreneurship and offering incentives for technology adoption were essential to attract foreign direct investment (FDI). He also urged policymakers to prioritize skill development and digital literacy among Pakistan’s workforce to ensure a smooth transition to a knowledge-driven economy. By embracing artificial intelligence, automation, and e-commerce platforms, he argued, Pakistan could significantly increase its export capacity and reduce reliance on traditional industries.
            Acknowledging  the challenges, he called for a unified approach among government, industry leaders, and international partners, particularly China, under the framework of the China-Pakistan Economic Corridor (CPEC). He concluded that adopting a tailored version of China’s model could be a game-changer for Pakistan, paving the way for sustainable economic growth and global competitiveness, export capacity and reduced reliance on traditional industries.
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December 16, 2024
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