Leaders in Islamabad Business Summit 2024
I recently had the privilege of attending the Leaders in Islamabad Business summit 2024 at Serena Hotel Islamabad. The theme of the summit was "collaborating for Growth". The summit was a dynamic and insightful gathering of industry leaders, innovators, investors, and professionals. Over the course of two days, i got a chance to listen series of thought-provoking discussions and networking sessions that explored the latest trends, challenges, and opportunities in the business world specifically Pakistan. From keynote presentations by renowned experts to interactive panel discussions and collaborative brainstorming sessions, the summit offered a comprehensive and engaging platform for knowledge sharing, skill building, and networking. I will highlight the key takeaways, insights, and outcomes from the summit, and reflect on the valuable experiences and connections that made this event a truly unforgettable experience. The participants engaged in in-depth discussions on the following topics:
1. The contribution of public sector institutions to the economy and the challenges they face: Key issues include policy making and implementation, hindered by factors such as changes in government, inadequate financing, substandard infrastructure, legal matters, and outdated policies. Restructuring policies and implementing digitalization are crucial to enhance efficiency and address challenges like low exports and high imports. Furthermore, ease of doing business and investment, as well as national and social security, are significant concerns. Visa policy reform is also essential to streamline the process.
2. The contribution of private sector to the economy and the challenges it faces: Private sector growth is hindered by complex policies and regulations, uncertain business markets, and frequent policy changes. Low exports and high costs of exporting, coupled with inadequate adoption of advanced technology and digitalization, reduce the sector's efficiency and GDP contribution. Effective collaboration between private and public sectors is vital for overall growth and scaling up production.
3. The importance of technology and Artificial Intelligence: In today's information age, technical advancement and adoption are crucial to remain competitive. Technical training and investment in technology are necessary to enhance efficiency. Without technical skills and technology, operations cannot be scaled up to drive positive economic change.
4. Digitalization: Digitalization is essential for business growth, but awareness and education are limited, leading to hesitation in adopting digital platforms. Fraudulent activities and security concerns also hinder adoption. Stable and reliable internet access is a fundamental requirement for digitalization.
5. Banking sector challenges: High interest rates result in decreased lending activities, and businesses are reluctant to utilize financing opportunities. Currency devaluation also poses challenges for foreign trade.
6. Foreign investment: Economic uncertainty discourages foreign investors, and investment-friendly policies are lacking. Complex visa policies further deter investment.
7. Climate change: Pakistan faces significant challenges due to climate change, including floods, heavy rains, and damage to agriculture and infrastructure.
8. Education system: The education system is outdated, and curriculum reform is necessary. Educational institutions fail to produce skilled graduates, and 25 million children are out of school. Budget constraints and inadequate resources hinder education reforms.
9. Job market: Institutions create limited job opportunities, leading to a brain drain from Pakistan to other countries. Human capital is underutilized, and unemployment rises.
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Summary:
To stabilize Pakistan's economy, underperforming public institutions need privatization, and private sectors must adopt corrective measures to enhance efficiency and contribute to the economy. Skill development in both sectors is crucial for growth and efficiency. Private sector workforce training and development are essential, as is the adoption of digital platforms for ease of customers/clients. Educational institutions must prepare students for the job market through internships and industrial exposure. Sufficient budget allocation for education reforms and restructuring is vital. Job creation through expansion of operations and new projects can reduce talent outflow. Effective measures are necessary to control climate change and its impacts. Investment-friendly policies, ease of doing business, and simplified visa policies can attract foreign investors.
Rafiq Ahmad
Lead data Analyst
S&P Global | Market Intelligence
101 W, Fazal e Haq Rd, Al-Khair Plaza Blue Area, Islamabad
T: (+1) 434.529.2237| C: 03467445488
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