Lack of infrastructure, skills identified as key obstacles for Pakistan economy

Ijaz Kakakhel

The World Economic Forum has issued the “Markets of Tomorrow Report 2023”. The Markets of Tomorrow Report 2023 identifies the technologies of strategic importance across countries and explores the opportunities and obstacles to creating new markets.

The Report discusses the key findings on the top technologies, the most important enabling sectors, and the key bottlenecks to market creation. The Report also provides a wider overview of the markets of tomorrow data, with profiles covering the top ten technologies, sectors.

The Research for the Report was conducted by Mishal Pakistan, the Country Partner Institute of the New Economy and Societies Platforms, World Economic Forum. Amir Jahangir, Chief Executive Officer, Mishal Pakistan, said, “the data on Pakistan shows that the technologies with strategic priority and potential to create new markets and opportunities in the country are in the agriculture technologies areas, E-commerce and digital trade, EdTech, Robotics, Digital platforms and apps developments”.

The data identifies nanotechnology, electric and autonomous vehicles development, augmented and virtuality as the least potential technologies for Pakistan as the future market player in the global sphere.

On the top 10 key sectors that can generate new markets in Pakistan have been identified as 1) Information Technology Services, 2) Media and Publishing, 3) Medical and Healthcare Services, 4) Production of Consumer Goods, 5) Employment, Education and Training Services, 6) NGOs, professional bodies, and unions, 7) International bilateral and multilateral organizations, 8) Education 9) Agriculture, forestry, and fishing, and 10) financial services and capital markets.

Among the least potential sectors, Engineering and construction, mining and minerals, social work, electronics, automotive and aerospace, energy tech and utilities, Rental, reservation and leasing services, Chemical and advanced materials, Advanced manufacturing, Retail, and wholesale of consumer goods

The main obstacles to the growth of new markets for Pakistan have been identified as lack of needed complementary infrastructure, skills and talent, lack of demand to sustain a commercially viable market, lack of clear market standards, deficiency of mature firms to reliably produce products, scarcity of fiscal space and private sector financing, absence of an innovative breakthrough ecosystem, non-agreement on the value of the product or asset, nonexistence of initiative from the public sector, and poor legal frameworks for the product or assets.

To develop a more nuanced overview of the technologies and sectors that are set to shape the markets of tomorrow, the Report draws on more than 12,000 responses to the World Economic Forum’s Executive Opinion Survey. The Survey carried out in more than 120 economies. In Pakistan, Mishal Pakistan carried out the research from January to May 2022.