Digital transformation key to Pakistan’s sustainable growth: Aurangzeb

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb emphasized during a speech in New York that digital transformation is essential for Pakistan's shift from economic stabilization towards sustainable growth. Speaking at the Digital Cooperation Organization's (DCO) High-Level Ministerial Dialogue, he stressed the need for developing digital public infrastructure and promoting cashless payment systems.

Aurangzeb, attending the 81st United Nations General Assembly (UNGA) session, advocated that Pakistan's digital transformation plan should encompass more than just connectivity. He underscored the importance of comprehensive upskilling and reskilling programs to empower freelancers and digital workers, enabling them to transition into higher-value services that would bolster the nation's digital economy.

The minister also touched upon the rapid adoption of virtual assets in Pakistan and the country's efforts to create a regulatory framework that includes legislation, oversight, and licensing. He clarified that the scope of virtual assets extends beyond cryptocurrencies, pointing out their potential use in making remittances cheaper and more efficient.

Aurangzeb also highlighted the potential of tokenization in sectors like public debt and real estate, suggesting that digital technologies could open up new avenues for financial innovation. He urged for increased collaboration among DCO member states to share successful experiences, policy approaches, and investment opportunities in the digital economy.

Aurangzeb's involvement in the DCO dialogue coincides with Pakistan's efforts to bolster its digital infrastructure and utilize technology as part of its comprehensive strategy for economic advancement.