Tuesday, January 25, 2022

Securing Pakistan’s economic future with digital exports - Global Village space

Last updated Friday, January 7, 2022 06:31 ET , Source: TopWireNews

The National Security Policy (NSP) has taken a whole-of-government approach towards national security that places economic security at the centre of this initiative. The heightened focus on the economic well-being of the citizens as part of the draft NSP is being applauded widely.
Economic security has many facets. I will focus on one crucial aspect of the economic vulnerability of the country namely Pakistan’s perennial balance of trade deficit. This requires a strategic initiative to expand the country’s exportable productive capacity to achieve a meaningful and sustainable increase in its exports.
While the country can choose to focus on expanding its exportable capacity in physical goods, international & regional benchmarking suggests that the opportunity for a paradigm shift is in the export of services (in particular, digital exports) where the country is severely under-performing.
Read more: Debunking the relationship between exports and currency devaluation
Physical vs. Digital Exports
The essence of strategy is about making choices regarding emphasis – where to primarily focus the deployment of the country’s finite financial, soft power, and time resources to expand the country’s exportable capacity considering the cost & revenue potential of the available options.
Let’s look at the cost first. The raw material for digital exports is human capital, a commodity for which the country has large and under-exploited reserves. In comparison, expanding exportable...

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