Private Sector Urged to Invest in Technological Advancement for Economic Growth
On Sunday, Meher Kashif Younis, the coordinator for the Federal Tax Ombudsman, stressed the critical role that innovation plays in driving Pakistan’s technology sector forward, even without public sector involvement.
Speaking at a session on “Innovation for Development Led Economy” hosted by the Gold Ring Economic Forum, he stated that innovation is essential to advance in the quickly changing global environment of today, allowing countries to adapt, compete, and prosper.
Technology parks, according to him, have been essential to these initiatives. He said that technology parks and innovation clusters are actual places where companies, academic institutions, and business owners may work together and innovate.
He claimed that the outstanding real-world instances of innovation promotion that have worked like magic to lift their economies to unprecedented heights on a worldwide scale are:
- South Korea
- India, and
He continued by saying that Pakistan must open up new technological opportunities by investing in research and development, encouraging a culture of creativity, and offering sufficient support to startups and entrepreneurs.
Pakistan possesses a significant talent pool and unrealized potential, making it a unique destination to use innovation for economic development.
According to him, innovation not only boosts the nation’s competitiveness abroad but also advances sectors like healthcare, agriculture, and education.
He said that while promoting innovation is crucial for economic expansion, there are some challenges and considerations that must be made.
Adopting innovation, according to Meher Kashif Younis, Chairman of the Kyrgyzstan Trade House, will solve urgent societal issues, generate high-skilled job opportunities, and draw in foreign investment.
He also discussed how crucial it is for academic institutions, the public and private sectors, to work together to create an atmosphere that encourages innovation and entrepreneurship. He claimed that the only path to socioeconomic progress is via private-sector invention and that innovation in the private sector is crucial to economic expansion.
He declared that Pakistan must promote this engagement by offering the public sector a variety of incentives. He further stated that regulations must be put in place to guarantee that the advantages of innovation are shared by all and not just by a few individuals.