• Prof Amir Sufi urges shift from low-tech industry to innovation-driven services
• Calls for new lending models for intangible assets
• SBP official stresses financial access to SMEs, youth and women for inclusive growth

KARACHI: Pakistan must rethink its economic policies to focus on high-tech services such as information technology (IT) and professional scientific services if it hopes to rapidly transition from traditional manufacturing to a more diversified, high-value economy, observed a leading economist Prof Amir Sufi.

Speaking at the 25th Zahid Hussain Memorial Lecture on Monday, Prof Sufi, the Bruce Lindsay Distinguished Service Professor at the University of Chicago and recipient of the 2017 Fischer Black Prize, stressed that the country’s economic future depends on embracing high-tech industries.

“High-tech is driving economic change,” Prof Sufi said, pointing to the limitations of Pakistan’s industrial structure, which relies on low-tech services and stifles growth potential. He argued that investments in high-tech services are crucial not just for national development but for positioning Pakistan among the world’s wealthier nations.

He also emphasised the importance of supporting small and medium-sized enterprises (SMEs), calling them central to fostering broader economic transformation. The government, he........

© Dawn Business