Ministry of Commerce Announces Digital Economy to Boost GDP up to $40 Billion Annually

An official from the Ministry of commerce told that the digital economy in Pakistan has the potential to boost the country’s Gross Domestic Product (GDP) up to $40 billion besides consolidating the local economy.

In the course of the evolution of a digital economy, Pakistan can easily make progress according to economic agenda in all major sectors including trade, E-commerce, education and health for economic growth in the country, said the official.

He added that the country has a considerable share in the global mobile market, with over 160 million mobile phone subscribers and around 150 million internet users, we needs to work comprehensively in the digital economy

He further said, we can provide rapid service to the people by using the modern digital tools.

The official also said that Pakistan is an agricultural country and through the digital mechanisms, the farmers and agriculture workers can easily perk up their financial mechanism to connect with the worldwide value chain.

Trade Data Mechanism

For boosting up trade data mechanism And resolving the issues in trade data, the government intends to include Export Processing Zones (EPZs) in its trade data collection system, which was not presently taken into account by the Pakistan Bureau of Statistics (PBS) and the State Bank of Pakistan (SBP).

The official pointed out that exclusion of exports routed through the EPZs by the two organizations resulted in a difference of $1.2 billion between the reported exports and the actual export numbers.

The official said the federal cabinet has already accepted an e-commerce policy for promoting the digital culture and paperless trade to help augment the trade volume.

He added that it is the government’s priority to evolve the integrated trade data system and streamline the affairs by the end of October. All the systems will be linked to the Ministry of Commerce, which will be under the control of SBP.