by Fatima Javed
ISLAMABAD, July 1(Gwadar Pro) – Pakistan is well-positioned with technology, CPEC, and innovation to drive economic growth. The local start-ups have the potential of creating a global footprint as they benefit from CPEC technology investments in Pakistan.
According to a report by McKinsey, a burgeoning start-up environment and promising business climate in Pakistan have created the perfect conditions for entrepreneurs to succeed.
Pakistan’s startup ecosystem is maturing, the report further added. 3G/4G connections in the country have increased four-fold over the last three years, which marks a high level of connectivity in the country.
With a surge in tele density in recent years and a promising younger population of the country, the environment seems promising for startups.
CPEC in this case will be a game-changer for Pakistan. It will not only improve the economy but also create jobs and help grow the technology sector. Tech start-ups can definitely play a major part in this.
One key industry which will evolve because of CPEC will be the logistics industry. This is why more tech-based logistics start-ups can be seen such as Wahyd Logistics bringing innovation in the logistics ecosystem by integrating technology to cater to the challenges being faced by the end-users, including the corporate and SME segment.
CPEC is a part of BRI which further elaborates the Chinese intent on sponsoring firms to create broad nationwide logistics and connectivity arrangements for the encouragement of trade/industrial development within an economical context.
China and Pakistan are building an unprecedented nationwide way for transports in order to enhance the flow of goods among major cities.
With evolution in technology, trade can be facilitated without bureaucracy, making life easier for both Pakistani businesses and international partners.
The increased purchasing power of Pakistan’s middle-class population is also a factor behind successful startup. These conditions are ideal for innovative entrepreneurial ideas to turn into successful startups. Success however is also dependent on how much of a technologically savvy approach an entrepreneur has for its idea.
Entrepreneurial landscape is tied to technology. Technology breeds successful startups and embracing its need can set a startup for growth and help it in tapping its potential.
The government also needs to focus on providing enabling policies to foster and grow the tech ecosystem in Pakistan.