During the last tenure in KPK, the strategy has been “KPK goes Tech.” One of the pillars of their digital strategy includes Digital Economy. Their government wanted to promote province’s economic growth, economic diversification, and increased globalization but also prepare citizens for the opportunities and the troubles associated with digitization.
We live in an age of dramatic change. Urbanization and industrialization are growing in both speed and scale. Over time, digitalization has transformed to become an attachment to business. However, it has lately evolved to become not just part of the economy, but an essential component of it. In fact, digitalization creates an economy of limitless opportunities.
Revolutionalization in KPK for good
As we know that Khyber Pakhtunkhwa Government has put all its efforts to revitalize the economy of the Province by focusing on the industrial sector. Their Government has realized that most of the economic constraints can be attributed to the slow pace of the industrial development in the Province on which they need to focus and work on it.
For this reason, the Government has established KPEZDMC, a not for profit organization within the meaning of section 42 of the Companies Ordinance, 1984 which is exclusively owned by the Government of Khyber Pakhtunkhwa. The objective of the Company is to bring rapid industrialization and create employment opportunities for the people of this region. It was established on the public-private partnership modalities to capitalize on the experience and skill set of the professionals in the private sector. KPEZDMC will facilitate industrial growth by developing modern Economic Zones leading to mass job creation, skill enhancement and increased productivity that will ultimately contribute to poverty reduction & economic stability of Khyber Pakhtunkhwa. The Company has engaged in activities necessary for the economic development of the region and will create a positive impact on the industrialization in KP.
As far as I know, KPEZDMC is also working towards reviving old industrial units throughout KP by giving industrialists marketing, management, financial and technical consultancies. As the resident expert’s team at KPEZDMC offers a wealth of experience that gives us to commit to the high standards of service that they promise to provide. Some of their services include (but not limited to) the following:
- 100% Facilitation
- 90% Consultancy
- 80% Technological Support
- 70% Training
Key Success Factors:
After the success of digital economy significant improvements will be seen in the following:
- Secure & Eco-Friendly Environment
- Transparent Customer Friendly Process
- World Class Infrastructure
- Availability of all Amenities
- Strategic Clustering
How will Government Benefit from Digital Economy?
The digital economy plays a vital role in digital payments method. As we all need digital payment method nowadays as its more accessible for all of us to carry our debit and credit cards and go out cashless. This is why, the need for digital payment methods, like Digital Point of Sale, mobile wallets, Mobile Point of Sale, etc. is becoming necessary. KPK is moving towards creating a digital economy that will facilitate the people and the government in different ways. Following are the potential advantages that government will witness from the digital economy:
- Removal of Black Economy: Transactions are made digitally, which means they can be easily monitored. Any payment made by any customer to any merchant will be recorded. By restricting the cash-based transactions and using only digital payments, the government can efficiently expel the black economy.
- Increase in Revenues: Since each transaction is monitored, the customers will get a statement for their purchase, and the merchants are forced to pay the sales tax to the existing government. This, in turn, increases the revenue of the government – thus resulting in growth of the overall financial status of the country.
- Empowerment to People: When the payments move digital, every individual is bound to have a bank account, a mobile phone, etc. This way, the people no longer have to wait to receive the incentives and subsidies that they are bound to gain from the government.
- Paves the way to e-governance: From birth certificate to death certificate, everything is accessible online – thus it is easier for people to access the information they need on the go. Digital economy will pave a way to e-governance, where delivery of all government services would be done electronically.
- Creation of employment: The digital economy has a lot of capability to enhance job opportunities in new markets as well as rising employment opportunities in some of the current occupations in the government because of this, the rate of unemployment will tend to go down.
Digital Economy: the only path to Efficiency
There are so many latest digital trends such as cloud computing, mobile web services, smart grids, and social media, which are radically changing the business landscape, reshaping the nature of work, the boundaries of enterprises and the responsibilities of business leaders are becoming success factors for any government.
Nowadays, Digitization is making our lives and value chains simpler, and not more complicated. This is why digital economy is so important for everyone to be successful in this era. So let’s digitize for more efficiency, for more control, and for more value like KPK.