The Pakistan Institute of Development Economics (PIDE) organized a two-day festival on March 11 and 12, called EconFest, which aimed to promote debates and discussions on the country’s economy and related sectors.
The event was held at the Alhamra Art Centre Lahore. Various sessions were conducted on a variety of topics, such as the economic and energy crises, investment, identity, agriculture, climate, and education.
Amongst the panelists were prominent personalities from academia, the private sector, and the public sector.
#EconFest will bring academics, policymakers, politicians & development practitioners under one roof to discuss various facets i.e. Investment, Productivity, Urban Sprawl, Population Bomb, Auto industry, Sludge, Youth, opportunities & many more ⬇️
📌 March 11,12
📍Alhamra Lahore https://t.co/AgO1X6Kshm pic.twitter.com/bPhLsGmiXo— Pakistan Institute of Development Economics (PIDE) (@PIDEpk) March 3, 2023
The panelists discussed Pakistan’s potential for building brands that can contribute to exports and create a name for the country in international markets. However, they also elaborated on several problems that hinder brand creation, such as inconsistent policies and issues with intellectual property rights.
A discussion on digital economy highlighted the fact that e-commerce and online advertising are limited to expensive platforms like Facebook and Google, and there are problems with B2C transactions, warehousing, returns, and payment mechanisms in Pakistan.
In a session on taxation for development, panelists noted that the complex tax system pushes individuals to invest in real estate because it allows them to park their undocumented wealth. Businessmen participants argued that low tax collection is due to rent-seeking by tax officials and missing or inaccurate land records. Only 300 corporations pay the bulk of collected taxes.
While in his session on “How to turn around Pakistan, Minister for Planning and Development and Special Initiatives, Ahsan Iqbal stated, “To develop the economy, Pakistan needs to curb tax evasion, increase tax collection, and increase its exports from around Rs 30 billion to Rs 100 billion within the next five to eight years.”
During the discussion on tech for change, participants presented an overview of Pakistan’s tech realm and highlighted the challenges faced by the country. The panel discussed issues such as design, interface, societal norms, and the digital divide. They pointed out that the current infrastructure is based on Western models and is gender-blind and non-inclusive. The panel also discussed the potential of digital and financial inclusion through contextually embedded tech solutions such as microfinancing and digital wallets. Additionally, the session covered the role of government and policy in incentivizing digital inclusion.
In an open mic session titled “Naukri do ya visa do,” students spoke about the lack of jobs in the market and the need for updated curricula that equip students with the skills needed in the industry. They also discussed the need for conducive conditions for entrepreneurial ventures and the emotional and psychological burdens of having to move outside Pakistan for better opportunities.
Concluding on Sunday, EconFest provided a suitable environment for debating the economic and development challenges confronting Pakistan. The event also facilitated constructive discussions between the youth and those at the helm of affairs.
