e-Commerce in Pakistan will Reach $1b by 2020: Khurram Dastgir

Commerce Minister Khurram Dastgir Khan revealed that e-commerce in Pakistan will reach the $1 billion mark by 2020.

“Our legislature is working hard to update the rules and regulations governing digital trade.”

He said during inaugurating a seminar on ‘E-commerce for Development’ in Geneva.

A number of World Trade Organization (WTO) members and diplomats joined the seminar organized by Pakistan. The organizations heads really valued the initiative taken by Pakistan. It was coordinated by Dr Tauqir Shah who is Pakistan’s Ambassador at WTO.

e-Commerce in Pakistan will Reach $1b by 2020: Khurram Dastgir

Also Read: e-Commerce Industry to Cross Several Hundred Million Dollars by 2020: Report

Commerce was an inevitable fact of life and had developed beyond our thoughts, Dastgir revealed. The digital economy, he said has appeared as an irresistible colossal that was rising at 10% a year, over triple the rate of whole global economic growth.

“Digital is no longer just a part of the economy… it is becoming the economy. Internet subsidizes 8% of global GDP. The development of mobile broadband holds the potentials to bring billions more on line, thus narrowing the digital, economic, physical and educational divide. The internet of things or internet of everything has the potential of contributing $11 Trillion to global GDP by 2025.”

Commerce Minister Khurram Dastgir said.

Online banking, ATMs, virtual banking and also mobile payment schemes are some of the main banking amenities making full use of ICTs presently. Taking everything in to account, it directs that the market and timing both are appropriate for growth of e- commerce in Pakistan. Apart from the few interruptions, the industry is all set to generate substantial waves in the country, with vast scope for modernization and enhancement along with exponential long-term growth.

Also read: Digital Commerce and Payments Potential in Pakistan