GLOBALIZATION is the process of growing interconnectedness among countries through trade, technology, and culture.
It involves the integration of economies, societies, and cultures on a global scale, often driven by advancements in communication, transportation, and international trade.
Imagine a world where businesses operate across borders, where digital payments drive economies, and where trade barriers are shrinking.
This is not just a vision but a reality for many nations today as they embrace globalization.
Pakistan, however, appears to be going in the opposite direction, struggling with outdated economic policies, digital isolation, and declining foreign investments.
While the world is integrating, Pakistan is, unfortunately, experiencing a situation where it is not keeping pace with global advancements.
China, once a developing nation, transformed into the “world’s factory” by integrating deeply into global trade networks.
Pakistan, despite its strategic position and deep historical ties with China, has failed to follow a similar trajectory.
Despite its potential, Pakistan is facing several roadblocks that prevent it from fully integrating into the global economy, which includes weak digital economy and e-commerce barriers.
Where the world is shifting towards digital commerce, Pakistan is still struggling to facilitate online payments.
Due to the absence of many international banking platforms, freelancers and businesses face difficulties in receiving international payments.
E-commerce is gradually increasing worldwide, but in Pakistan, high taxation, poor logistics, and low trust in online transactions limit its growth.
Another major issue is trade protectionism instead of expansion.
Most successful economies focus on exports, but Pakistan relies heavily on imports while restricting global trade.
It is hard for foreign businesses to conduct business in Pakistan due to high tariffs and excessive regulations which ultimately results in limiting foreign investment and job creation.
Due to sudden changes in policies no international company would like to invest in this country.
Lack of long-term economic planning discourage international collaborations.
If we talk about economic condition of Pakistan, as highlighted before, Pakistan is fully relying on imports, loans and international assistance.
Currently Pakistan is under loan around Rs74trillion which is not a small amount for a country that is neither developed nor even considered as developing.
Despite these challenges, Pakistan can still move towards higher globalization and improve its economy and can still turn things around by taking strategic actions.
First thing first, ensuring long term economic policies.
Consistent and business friendly policies are essential to gain foreign investments and to build trust among investors.
Increasing exports and trade alliances.
By joining regional trade agreements and enhancing relations with China, Central Asia, and the Middle East.
Enhancing the competitiveness of major exports like textiles, IT services, and agricultural products and simplifying export procedures to encourage small businesses to enter the global market.
Strengthen the digital economy.
Enabling international banking platforms to facilitate global transactions.
Reducing taxes and encouraging the growth of e-commerce and fintech startups.
Training youth in AI, blockchain, and digital marketing to compete in the global freelance market.
Investing in education and skill development.
Shift the focus of universities towards tech-driven education.
Encourage collaboration with global institutions for research and innovation and support funding for startup incubators to foster entrepreneurship.
It’s now or never: Pakistan stands at a critical juncture.
The world is advancing, embracing globalization, technology, and international collaboration.
If Pakistan continues on its current path of under-globalization, it risks falling further behind, making it even harder to catch up.
However, with bold reforms, strategic policymaking, and a commitment to digital and economic integration, Pakistan can still find a meaningful position in the global economy.
The choice is ours.
The time to act is now!
—The writer is contributing columnist.
