As per a report shared by McKinsey, a burgeoning start-up environment and promising business climate in Pakistan have created the perfect conditions for entrepreneurs to succeed. Pakistan is well-positioned with technology and innovation to drive economic growth. Plus the local startup community has enough potential to create a global footmark as they benefit from CPEC technology investments in Pakistan.
The government also needs to focus on providing enabling policies to foster and grow the tech ecosystem in Pakistan. CPEC will be a game-changer for Pakistan that will not only improve the economy but will also create jobs and help grow the technology sector and tech start-ups can definitely play a major part in this. The China Pakistan Economic Corridor is one of the six corridors that make up the Belt and Road Initiative. The project includes infrastructural, logistical, energy distribution projects and transportation-related ones which will help facilitate trade between countries in Asia and Africa.
One key industry which will evolve due to CPEC will be the logistics industry which is why we are seeing more tech-based logistics start-ups such as Wahyd Logistics bringing innovation in the logistics ecosystem by integrating technology to cater to the challenges 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 which is why China and Pakistan are building an unprecedented nationwide way for transport in order to enhance the flow of goods between major cities. With the evolution in technology, we can facilitate trade without bureaucracy, making life easier for both Pakistani businesses and international partners.