Future Summit Highlights Innovation and Financial Inclusion in Pakistan

KARACHI: The 8th Edition of The Future Summit has wrapped up its second day, focusing on crucial topics such as healthcare, financial inclusion, and the evolving financial sector in Pakistan. This summit serves as a platform for experts to discuss the pressing issues that the country faces while also exploring the opportunities that lie ahead.

In his keynote address, Senator Dr. Musadik Malik, the Federal Minister for Energy (Petroleum Division), highlighted the importance of education in shaping the future. He stated, "The future of progress depends on education. Without education, we have no future. We must know how many children enroll in school, how many drop out, and how many do not attend school at all. What is the quality of higher education in the country? If there is anything that makes a difference to a nation’s progress, it is education." This underscores the critical role that education plays in the development of any nation.

During the summit, various speakers, including Konstantin Makarov and Paul Keijzer, expressed their belief that Pakistan has the potential to emerge as a leader in the global economy. They emphasized that while the country faces significant challenges, it also holds a wealth of opportunities. By investing strategically in human capital, climate resilience, digital transformation, and sustainable energy, Pakistan can build a strong foundation for a prosperous future.

A significant discussion on healthcare was moderated by M. Haroon Qassim, Managing Director of PharmEvo. Participants included notable figures such as David Heyman and Johannes Kedzierski. Javed Ghulam Mohammad, CEO of Marn Dow Group, pointed out the dire state of pharmaceutical access in Pakistan, stating, "Pharmaceutical access is compromised in Pakistan. Countries like the Philippines and Vietnam have a market size of 6-8 billion USD, whereas Pakistan, with a population of 250 million, has hardly a 3-billion-dollar market share in the pharma industry." This highlights the urgent need for improvement in healthcare access and quality in the country.

Usman Yousuf, Director of Nutshell Communications, led a panel discussion on financial inclusion, where experts like Christos Argyriou and Dr. Amjad Waheed agreed that financial inclusion is essential for economic empowerment. They noted that when individuals have access to financial services, they can transform their lives, fostering entrepreneurship and resilience within communities.

Furthermore, a critical analysis of the banking sector was conducted by Ali Khizar and other industry leaders. They discussed the challenges faced by banks and the potential for growth in asset management companies. With current bank deposits at 5%, there is an optimistic projection that this could grow to 20% in the next 5-10 years, driven by digital advancements.

Rabia Ahmad, Director & CEO of Nutshell Group, led a discussion on diversity and inclusion in the workplace. The panelists agreed that while artificial intelligence (AI) can enhance productivity, it is crucial to maintain human interaction. They emphasized that changing mindsets is essential for fostering inclusivity and collaboration among diverse workgroups.

The summit concluded with a fireside chat between Zafar Masud and Adnan Rizvi, who stressed the importance of addressing structural issues in the banking sector through collaborative dialogue. Masud remarked, "Banks are not against taxation, but FBR should have no intervention in their balance sheet." This statement reflects the need for a balanced approach to regulation that supports both the banking sector and the economy.

The Future Summit has provided a vital platform for discussing the challenges and opportunities facing Pakistan. The insights shared by experts highlight the importance of education, healthcare, and financial inclusion in driving the country towards a prosperous future. As Pakistan navigates its path forward, it is essential for stakeholders to collaborate and innovate, ensuring that the nation can harness its potential and overcome its challenges.