Karachi — High-tech services, particularly information technology, digital innovation and knowledge-based industries, are increasingly being viewed as the backbone of Pakistan’s future economic growth, as experts call for a decisive shift away from traditional, low-value sectors.
The emphasis was highlighted during the 25th Zahid Hussain Memorial Lecture, where renowned economist Professor Amir Sufi of the University of Chicago underscored the urgent need for Pakistan to realign its economic priorities in line with global trends. He stressed that countries making sustained progress today are those investing heavily in technology-driven services rather than relying solely on conventional manufacturing and asset-based industries.
According to Prof Sufi, Pakistan’s current economic structure limits its growth potential and global competitiveness. He noted that high-tech services generate greater value, rely on skilled human capital and are better suited to a modern, interconnected global economy. He urged policymakers to design frameworks that encourage innovation, research and entrepreneurship in technology-oriented sectors.
The economist also pointed to structural issues within the country’s financial system, particularly the heavy dependence on collateral-based lending. Such practices, he said, often exclude technology startups, freelancers and small digital enterprises that operate on ideas and intellectual capital rather than physical assets. Reforms in lending mechanisms are therefore essential to support emerging high-growth sectors.
Officials from the State Bank of Pakistan (SBP), speaking at the event, highlighted ongoing efforts to improve financial inclusion and modernise the banking ecosystem. These initiatives include digital payment systems, electronic know-your-customer (e-KYC) frameworks and policy support for fintech and digital banking, aimed at easing access to finance for small and medium-sized enterprises.
Experts believe Pakistan already holds a strong foundation in the form of its growing IT exports, expanding freelance workforce and youthful population with digital skills. However, they caution that without consistent policy support, investment in human capital and modern financing models such as venture capital and equity-based funding, this potential may remain underutilised.
As Pakistan navigates economic reforms and seeks sustainable growth, analysts argue that prioritising high-tech services could play a decisive role in boosting exports, creating quality employment and strengthening long-term economic resilience.
This story has been reported by PakTribune. All rights reserved.