The Chairman of the Faisalabad Chamber of Commerce & Industry (FCCI) standing Committee on R&D, Engineer Ahmad Hassan, has emphasized the importance of technology in driving economic growth in Pakistan. He stated that the expected exponential growth in 14 latest technologies in the coming decades necessitates Pakistan to equip its youth in these sectors to take advantage of the emerging opportunities and enhance foreign remittances.
Technology plays a major role in giving impetus to a country’s economic growth. However, Pakistan lags behind in adapting to innovation to spur growth. A fast-paced adaptation of technology can drive Pakistan’s economy out of the lurch. Artificial intelligence and smart technologies are affecting how we live, produce and consume.
Khan Muhammad Wazir, Director General of the Ministry of Science and Technology, also emphasized the importance of technology in driving economic growth. He stated that innovation is the key to the development of every start-up as the world is going through a revolution that places great emphasis on how quickly people can use their knowledge to innovate.
He said for robust economic growth, technological adaptation is a must. He highlighted that the developed world’s success is because it has continually invested in technology. If a country wishes to achieve success and attain power, it will have to end hunger and poverty and ensure sustained economic growth, and that is possible only through adopting innovative technologies to boost production.
Wazir highlighted that the world’s future is directly linked with 14 technologies including mobile-connected devices, gene editing, digital wallets, blockchain, cloud computing, gene sequencing, internet of things, artificial intelligence, living therapies, battery technology, reusable rockets, robotics, autonomous mobility, and 3D printing.
He also underscored that technological development is a necessary aspect of the economic process. He said that competition and the desire to find a better, more efficient way to produce goods and services drive firms to take advantage of every new technological advancement. He concluded by saying that more technological improvement means more efficient production of goods and services and higher economic growth.