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Pakistan: The Year 2020 in Review
The COVID19 pandemic has been the biggest story in Pakistan and the rest of the world. It has complicated Pakistan's economic recovery as did the ever-present threat of political instability posed by the opposition parties trying to take advantage of the crisis. Gallup Poll data shows that 65% of Pakistanis are happy despite hardships of the coronavirus pandemic. On the external front, Pakistan faced India's massive global disinformation campaign against it. The year 2020 was a tough year for Pakistan and the world with both health and economic challenges. Pakistan's second COVID wave is now subsiding, the factories are humming, the exports are rising, and the remittances from overseas Pakistanis are at an all time high. Inflation is starting to come down. The nation has shown its resilience yet again by dealing with both challenges successfully. Here's a quick rundown of the year 2020 in Pakistan:
COVID19 Pandemic:
Pakistan has very weak health care infrastructure. This raised serious questions about Pakistan's ability to effectively respond as the pandemic caused by the novel coronavirus hit the country in March 2020. While the crisis is not over yet but it appears that Pakistan has been spared the worst impact in terms of infections and deaths seen elsewhere in the world. World Health Organization has included Pakistan among top 6 nations it has praised for effective handling of the pandemic. The key steps Pakistan took to contain the pandemic and soften its impact include:
1. Smart lockdown: Pakistan imposed targeted lockdowns in areas experiencing high rates of infections rather a nationwide lockdown imposed by others, including Prime Minister Narendra Modi's government in neighboring India. This action helped bring down the virus transmission while protecting the livelihoods of million of daily wage earners.
2. Testing and Hospital Surge Capacity: Pakistan ramped up test capacity and rapidly converted expo centers and other large buildings to increase hospital beds availability with the help Pakistani military personnel. Government also procured a significant number of ventilators and large quantity of personal protective equipment (PPEs) for frontline health workers.
3. Direct Cash Transfers: Prime Minister Imran Khan's government handed out Rs. 2,000 per family under Ehsaas Emergency Cash Program to the poorest households.
4. Tree Planting Campaign: Pakistan government launched a program to plant hundreds of million of trees as part of its reforestation campaign to deal with the effects of climate change.
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| COVID19 Positivity Rate in Pakistan. Source: Our World in Data |
Economic Recovery:
1. Construction Sector: Cement sales soared in 16.61% in the first 5 months (July-Nov 2020) of current fiscal year reaching an all time high of 24 million tons. Pakistan is on track to become the world's 6th largest cement producer by 2030.
Pakistan government announced Naya Pakistan housing program which offers Rs. 33 billion in direct subsidies for down payments for the first 100,000 applicants, according to media reports. In addition, the commercial banks are required to allocate 5% of their portfolio amounting to Rs330 billion for construction activities under this program. Pakistan’s mortgage finance to GDP ratio is just 0.25%, among the lowest in the world, according to the World Bank. A person earning Rs30,000 to Rs100,000 can build a house on a 5-marla lot with the mortgage financing at 5% and that of 10-marla at 7%.
2. Large Scale Manufacturing: Large scale manufacturing continued its recovery with 5.46% growth in the first 4 months (July-Oct 2020) in spite of COVID19. Textile mills and garment factories reported to be operating near full capacity in November, 2020, indicating further growth in the LSM sector.
3. Exports: Pakistan's exports for the month of December 2020 grew by 18.3% to highest-ever $2.357 billion, up from $1.993 billion in December 2019. The nation's exports are rising in spite of the COVID19 pandemic, growing for the 4th consecutive month in December, 2020. In November, the exports rose to $2.161 billion, up 7.67% from $2.007 billion in the corresponding month last year, according to data released by Pakistan Bureau of Statistics. Exports grew in home textiles (20%), pharma (20%), rice (14%), surgical goods (11%), stockings & socks (41%), jerseys & pullovers (21%), women’s garments (11%)and men’s garments (4.3%).
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| Pakistan Exports July-Dec 2020. Source: Arif Habib |
Pakistan's technology export growth is continuing to accelerate with a 51% jump in November 2020 over the same month in 2019. The country's tech exports rose 39% in the first 5 months (July-Nov) of fiscal year 2021 over the same period last year. This came on top of a 21% increase in FY 2020 over FY 2019.
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| Major Asian Economies Performance. Source: CNBC |
Pakistan exported $763 million worth of services related to telecommunications, computers and information technology from July to November 2020 period. This represented a 39% increase from the same period in 2019. In November 2020, the country exported IT services amounting to $168 million, a 51% jump from tech exports November 2019.
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| All-Time High Remittances From Overseas Pakistanis |
4. Remittances: Pakistan saw a sharp increase of nearly 27% to $11.77 billion in remittances from its diaspora in July-November period. This set a new record of over $2 billion in remittances for six consecutive months. Rising remittances have made up for Pakistan's continuing trade deficits. In fact, Pakistan has reported a current account surplus of $447 million in November, making it the fifth consecutive month of current account surpluses. In November 2019, Pakistan reported a deficit of $326 million. The current account surplus has reached $1.64 billion so far in the current fiscal year in July-Nov 2020. Pakistan reported a deficit of $1.74 billion for the same period last year.
5. Digital Economy: Pakistan's digital gig economy surged 69% during the COVID19 pandemic, putting the country among the world's top 4 hottest online freelancer markets, reported Payoneer, a global payments platform company based in Silicon Valley, in its latest report. Payoneer attributed it to government programs such as Punjab government's e Rozgaar program that has been offering free online courses in digital freelancing. The sudden rush to learn skills online boosted the demand for instructors. The Pakistan government filled this demand by hiring alumni of programs like e Rozgaar who were successfully participating in the gig economy.
6. Soaring Food Prices: Global food prices are soaring by double digits amid the coronavirus pandemic, according to Bloomberg News. Bloomberg Agriculture Subindex, a measure of key farm goods futures contracts, is up almost 20% since June. It may in part be driven by speculators in the commodities markets. These rapid price rises are hitting the people in Pakistan and the rest of the world hard. In spite of these hikes, Pakistan remains among the least expensive places for food, according recent studies. Annual inflation rate declined to 8% in December from 8.3% in November, 2020. It is important for Pakistan's federal and provincial governments to rise up to the challenge and relieve the pain inflicted on the average Pakistani consumer.
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| Pakistan's V-shape Economic Recovery in 2020 |
Political Opposition:
1. PDM Narrative: It took Stephen Sackur, a BBC journalist, to challenge the Pakistani Opposition's anti-military narrative twice in the last two years. First, Sackur did it with Hameed Haroon, the CEO of Pakistan's Dawn Media Group. More recently, Sackur did it again with Opposition politician Ishaq Dar. Feverish spinning by pro-Opposition media spinmeisters suggests that Sackur has done serious damage to the Pakistani Opposition's narrative about the Army and democracy in the country. By his aggressive questioning of Ishaq Dar, former Finance Minister and former Prime Minister Nawaz Sharif's close associate, Sackur has not only dismantled the Opposition parties' narrative but also clearly established former Prime Minister Nawaz Sharif is a convicted criminal and a hypocrite.
2. Najam Sethi's Analysis: Prominent Pakistani journalist and political analyst Najam Sethi, a strong critic of Prime Minister Imran Khan, sees desperation among the Pakistani Democratic Movement (PDM) leaders. In a recent interview with well-known journalists Raza Rumi and Murtaza Solangi on Naya Daur social media channel, Sethi said the Pakistani opposition, particularly PMLN, believe it is "now or never" for them.
Najam Sethi added that if the Pakistan Tehreek-e-Insaf government led by Prime Minister Khan survives the current 5 year term and succeeds in stabilizing the nation's economy, the ruling party will be re-elected for another 5 year term in 2023 with the support of what Sethi calls "Miltablishment" (a euphemism for Pakistani military). This, Sethi said, would mean that the PMLN would break up and lose its relevance. Sethi acknowledges there is genuine support for PTI in spite of Imran Khan government's failures in the first two years. This support is particularly strong among the youthful voters who are willing to forgive PTI's poor handling of the economy.
Modi's Anti-Pakistan Campaign:
1. Disinformation Campaign: EU Disinfo Lab, an NGO that specializes in disinformation campaigns, has found that India is carrying out a massive 15-year-long disinformation campaign to hurt Pakistan. The key objective of the Indian campaign as reported in "Indian Chronicles" is as follows: "The creation of fake media in Brussels, Geneva and across the world and/or the repackaging and dissemination via ANI and obscure local media networks – at least in 97 countries – to multiply the repetition of online negative content about countries in conflict with India, in particular Pakistan". After the disclosure of India's anti-Pakistan propaganda campaign, Washington-based US analyst Michael Kugelman tweeted: "The scale and duration of the EU/UN-centered Indian disinformation campaign exposed by @DisinfoEU is staggering. Imagine how the world would be reacting if this were, say, a Russian or Chinese operation".
2. Pakistan Dossier: Dr. Moeed Yusuf, Prime Minister Imran Khan's National Security Advisor, has said that "we have evidence to the T" of India's links to several terrorist attacks in Pakistan. In an interview with Indian journalist Karan Thapar, Dr. Yusuf mentioned specific terrorist incidents with Indian intelligence agency's fingerprints on them. Specifically, he mentioned terrorist attacks on Army Public School in Peshawar that killed 149 people including 132 schoolchildren. “Malik Faridoon who masterminded the attack from Jalalabad (in Afghanistan) was in touch with handlers at the Indian consulate as children were massacred in broad daylight,” he said. Yusuf also mentioned India's links to terrorist attacks on Chinese consulate, Pakistan Stock Exchange and Gwadar 5-star hotel. Kulbhushan Jadhav "has been caught with his pants down" India recently spent $1 million to bring about TTP, 4 other militant organizations' merger in Afghanistan Kashmiris should be made 3rd party in any India-Pakistan talks.
Pakistan Defense:
Pakistan military launched its first Defense AI Program for a Cognitive Electronic Warfare (CEW) at its Center for Artificial Intelligence and Computing (CENTAIC), according to media reports. Modern connected weapon systems generate vast amounts of data requiring artificial intelligence and machine learning software for speedy analysis and rapid decision-making on the battlefield. Modern electronic warfare requires the use of artificial intelligence and machine learning (AI/ML) to analyze vast amounts of data coming from a large number of sensors mounted on various military platforms deployed on the ground, in the air and on the seas. EW systems can collect a considerable amount of data about an enemy’s frequency use, radar deployment, and many other factors.
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| Happiness Survey. Source: Gallup Pakistan |
Happiness Survey:
Gallup "End of the Year 2020" Survey reported that 65% say they are happy in spite of the COVID19 pandemic. This is well above the 54% reporting they are happy in a global happiness survey. Among 41 countries surveyed by Gallup International, Pakistan ranks 4th on the Happiness Index, 17th on the Hope Index and 6th on the Economic Optimism Index.
Summary:
The year 2020 was a tough year for Pakistan and the world. There were simultaneous health and economic challenges. The COVID19 pandemic has been the biggest story in Pakistan and the rest of the world. It has complicated Pakistan's economic recovery as did the ever-present threat of political instability posed by the opposition parties trying to take advantage of the crisis. Polls conducted by Gallup Pakistan indicate that the government led by Prime Minister Imran Khan appears to be handling the dual challenge well. Poll data shows that 65% of Pakistanis are happy despite hardships of coronavirus pandemic. On the external front, Pakistan faced India's massive global disinformation campaign against Pakistan. Pakistan's second COVID wave is now subsiding, the factories are humming, the exports are rising, and the remittances from overseas Pakistanis are at an all time high. Inflation is beginning to decline.
Related Links:
Pakistan to Become World's 6th Largest Cement Producer By 2030
Pakistan's Response to COVID19 Pandemic
Pakistan Digital Economy Surged 69% Amid Covid19 Pandemic
Soaring Food Prices Hurting Pakistanis
Najam Sethi on Desperation in PDM Ranks
India's Firehose of Falsehoods Against Pakistan
Views: 342
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Comment by Riaz Haq on January 15, 2021 at 9:16am
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#Pakistan’s #cement sales in the 2nd quarter of fiscal year 2020-21 touched an all-time high of 15.1 million tons, up 11% quarter-on-quarter as well as year-on-year. In the first half of FY21, cement sales rose 16% year-on-year to record 28.6 million tons
https://tribune.com.pk/story/2279722/cement-steel-prices-to-remain-...
Pakistan’s cement sales in the second quarter of fiscal year 2020-21 touched an all-time high of 15.1 million tons, up 11% quarter-on-quarter as well as year-on-year, according to a report of Topline Securities.
In the first half of FY21, cement sales rose 16% year-on-year to 28.6 million tons, it revealed.
“Cement prices will register a further hike as capacity utilisation is increasing robustly,” Topline Securities’ Deputy Head of Research Shankar Talreja told The Express Tribune. “The power to influence prices is with manufacturers at present.”
Industry utilisation based on total sales came in at 91%, adjusted for closed capacities, in the second quarter (Oct-Dec) of FY21. Based on just local sales, the utilisation stood at around 77% with 86% in the northern region and 48% in the southern region.
The strong growth in cement sales could be attributed to economic recovery in the face of low interest rates, announcement of a construction package, allocation of banking sector liquidity to the construction and housing sector and beginning of construction of dams, he said. In the last three months, housing loans increased by Rs43 billion, he added.
“During the outgoing quarter, coal prices surged to an average of $60 per ton compared to $55 per ton about six months ago,” he said. “As a result, fuel cost per ton for major cement companies is expected to increase by 10% quarter-on-quarter.”
To pass on the impact to consumers, the cement producers hiked prices in December 2020 by around Rs20 per bag in the north to Rs570. JS Global analyst Arsalan Ahmed told The Express Tribune that steel prices were on the rising trend.
Pakistan Large-Scale Steel Producers (PALSP) Secretary General Syed Wajid Bukhari said due to shortage of scrap globally, its price had risen above $500 per ton and as a result, rebar rates were increasing in Pakistan. “Local companies, however, are working at margins of less than 5%,” he said.
He added that Pakistan was almost totally dependent on imported raw material for producing steel and requested the government to take urgent measures to contain the impact of price hike on the mega infrastructure projects as well as other ongoing construction projects.
The industry suggested to the government to remove sales tax for some time and reduce the cost of electricity to offset the impact of soaring raw material prices, which was a global phenomenon, he said.
However, the government did not take any measures to address the situation, he lamented.
“We believe that the steel sector has been ignored as it is not receiving much-needed attention from the government,” he said.
Recently, the demand for steel picked up but margins remained very low and most of the large units were working at 50-60% of their capacity, he said.
“In recent months, steel prices have increased by 55% in India,” he said. “In the US, prices are likely to touch $1,000 per ton, which is twice the rate being charged a few months ago.”
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Pakistan Telecom Authority (PTA) Report:
“A surge in demand for telecom services due to lockdown resulted in significant growth not only in subscriber base but also in the usage of telecom services,” the report stated. “Today, data usage stands at 4,498 Peta Bytes (FY2020) as compared to 2,545 Peta Bytes (FY2019), showing a growth of over 77pc. This substantial growth would not have been possible if the networks were not upgraded.”
The telecom sector’s titanic status in Pakistan prevails as a recent report released by the Pakistan Telecommunication Authority (PTA) shows that the sector’s contribution to the national exchequer witnessed a boost of 129 percent in 2020 as compared to 2019, despite the fact that the economy was burdened by the COVID-19 pandemic.As per details from PTA’s Annual Report 2020 released today, the telecom sector proved yet again that it is one of the most valuable drivers of the national economy. Over the course of FY2020, it contributed a tremendous amount of Rs278 billion to the national exchequer, as compared to Rs121 billion back in FY2019. This represents a year-on-year growth of 129 percent.
When you think about it, the year 2020 actually held massive potential for telecom growth in general, as people all over the nation had no choice but to stay cooped up in their homes and rely on data packages and Internet services to stay connected to the world beyond.
https://www.techjuice.pk/telecom-sector-added-rs278bn-to-pakistans-...
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Telecom Sector Contributed Rs. 278 Billion to National Exchequer in 2020: PTA Annual Report
https://propakistani.pk/2021/01/15/telecom-sector-contributed-rs-27...
The telecom sector has emerged as a prominent contributor to Pakistan’s economy and its contribution to the national exchequer has shown an increase of 129 percent in 2020 as compared to 2019 despite the economy being under pressure due to the effects of the pandemic.
As per the Pakistan Telecom Authority (PTA) Annual Report 2020 released here today, the sector contributed Rs. 278 billion (including the PTA’s deposits to the national exchequer) in the FY 2020 as compared to Rs. 121 billion in the FY 2019 registering a Year-on-Year growth of 129 percent.
A surge in the demand for telecom services due to the lockdown had resulted in significant growth not only in the subscriber base but also in the usage of telecom services.
Today, data usage stands at 4,498 Peta Bytes (FY2020) as compared to 2,545 Peta Bytes (FY 2019), showing a growth of over 77 percent. This substantial growth would not have been possible if the networks had not been upgraded. The country currently has international bandwidth connectivity of 3.1 TeraBytes and around 47,000 cell sites, of which 90 percent are 4G-enabled sites.
According to the PTA’s Annual Report, the total broadband subscriptions in the country grew by 175 percent over the last five years. Today, broadband subscribers have crossed 90 million, showing a growth of around 8 percent in the FY 2020. Additionally, Pakistan had a total broadband penetration of 42.2 percent in the FY 2020.
The telecom networks are currently available for 87 percent of the population and PTA is working with operators to increase their network coverage for the remaining 13 percent of the unserved people in Pakistan. The total teledensity now stands at 82 percent with over 172 million Mobile subscribers and 2.2 million fixed-line subscribers.
In 2020, although the Foreign Direct Investment (FDI) across the economy had been affected by the global lockdowns, the telecom sector made an iconic share of 25 percent (USD 623 million) in the total FDI made in the country. The total investment made by the local operators grew by 14.25 percent, and a total of USD 734 million were invested locally.
The total revenues of the sector reached Rs. 537 billion in the FY 2020, which had mainly been generated by the mobile sector. The financial gains have been enjoyed equally by telecom consumers, the affordability of telecom services in Pakistan has improved over the years, and the per GB broadband prices are currently as low as USD 0.20, which is among the lowest in the region.
Similarly, due to the Device Identification & Registration System (DIRBS), the introduction of government revenues increased manifold with the collection of taxes on the import of handsets. The local manufacturing of handsets has enlivened the telecom ecosystem with growth in local 4G device manufacturing crossing 34 percent.
PTA Renews PTCL License for 25 Years
Pakistan also underwent trials of 5G services which were one of the few firsts in South Asia. The PTA is aiming for a spectrum auction of LTE and VoLTE services in 2021 as a precursor to 5G. It is also gearing up for an auction of a spectrum for high-speed broadband services in Azad Jammu and Kashmir and Gilgit-Baltistan.
The PTA Annual Report highlights that this year, the regulator awarded 110 licenses for numerous telecom services and issued 91 certificates for the commencement of service to operators.
The PTA conducted QoS surveys across Pakistan for data, voice, and SMS services, and the operators were directed to take corrective measures where they had underperformed. It also conducted a number of successful raids against illegal VoIP setups this year to curb grey telephony.
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Pakistan Prosperity Index (PPI) is a monthly review of Pakistan's macro-economy based on the analysis of four periodic data sets- industrial production, trade volume, price levels, and private sector lending. On a 12-month rolling basis, this issue of the report covers the period December 2019 to November 2020, with June 2019 as the base period.
1. Consumer Price Index (CPI)State Bank of PakistanDecember 2019 – November 2020Base month: June 2019
2. Long-term Financing Facility (LTFF)
3. Quantum Index of Large-scale Manufacturing (QIM)Pakistan Bureau of Statistics
4. Trade VolumePurchasing power has seen acontinuous decline followingthe first peak of COVID-19.o Y-o-Y inflation for Nov 2020hovered at 8.3%.
Despite inflationary pressure and the second wave of COVID-19, over a 12-month period improvements in trade volume andoutput of large-scale manufacturing coupled with a modest increase in private sector lending has resulted in an uptick in economic prosperity.
Following a dip in Aug 2020, PakistanProsperity Index continued to show anupward trend reaching an all-time high of116.3 in Nov 2020.
Improving prosperity index signals not just economic recovery but also provides a reason for optimism.
https://mcusercontent.com/5b3c95d47219ff69ab89a27c3/files/1f0573b5-...
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Riaz Haq has left a new comment on your post "Pakistan Must Renegotiate IPP Contracts to Solve E...":
#Pakistan has #electricity overcapacity but it still suffers #power shortages because of lack of #grid capacity. #PTI govt to increase investment in grid and delay about 10,000 MW worth of planned #coal/#wind power projects. #cost #debt #economy #PMLN https://www.bloomberg.com/news/articles/2021-01-27/pakistan-struggl...
After spending decades tackling electricity shortages, Pakistan now faces a new and unfamiliar problem: too much generation capacity.
The South Asian nation’s power supply flipped to a surplus last year after a flurry of coal- and natural gas-fired plants were built, mostly financed by the Belt and Road Initiative launched by Chinese President Xi Jinping in 2013. Pakistan is slated to have as much as 50% too much electricity by 2023, according to Tabish Gauhar, special assistant to Prime Minister Imran Khan for the power sector.
That is problematic because the government is the sole buyer of electricity and pays producers even when they don’t generate. To help tackle the issue, the government has negotiated with producers to end that system, lower their tariffs and asked them to delay the start of new projects, according to Gauhar. It is also trying to convince industries to switch to electricity from gas.
“We have a lot of expensive electricity and that is a burden,” he said.
While the Chinese financing and the surplus is a welcome change after years of shortages that left exporters unable to meet orders and major cities without electricity for much of the day, two main problems remain. The first is a creaking network, and the second is the need to supply cheaper power while keeping emissions in check.
“Pakistan has overcapacity, yet it still has power shortages because of the unreliability of the grid,” said Simon Nicholas, an analyst at the Institute for Energy Economics & Financial Analysis. “They haven’t invested in the grid the same way they’ve invested in power plants.”
The last nationwide blackout happened just last month after an outage at the country’s largest facility. While the new plants have also boosted coal generation to a record fifth of the power mix, Pakistan plans to increase the share of wind and solar to 30%, while another 30% will be generated from river-run dams.
Pakistan will pay private power producers 450 billion rupees ($2.8 billion) in overdue electricity bills in a deal to reduce future tariffs. The government targets to pay 40% of that bill by the end of February, with the second payment slated before December, according to Gauhar. A third of the payment will be made in cash, with the rest in fixed income instruments, he added.
About 8 gigawatts worth of government-owned power plants will also have tariffs reduced. And Pakistan plans to negotiate lower tariffs for mining and power generation at the Thar coalfield, said Gauhar.
The government aims to delay about 10 gigawatts worth of planned power projects, including coal and wind plants, since there won’t be any need for them next year, said Gauhar.
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#Pakistan to issue a $500 million green bonds to boost #hydropower. Engages JP Morgan to underwrite as part of #investment in #renewableenergy for #green #economic stimulus. It’s banning new #coal power plants and planting 10 billion #trees https://www.bloomberg.com/news/articles/2021-02-18/pakistan-plans-f... via @business
Pakistan’s government is planning to issue a $500 million green bond in the next few months to help boost its development of hydroelectric power.
The bond, denominated in euros, will be the government’s first to fund environmental goals, Malik Amin Aslam, an adviser to Prime Minister Imran Khan on climate change, said in an interview. It is set to be issued through the country’s state-owned Water & Power Development Authority, with JPMorgan Chase & Co. advising, he said.
“We’ve got a lot of hydro potential in Pakistan,” he said on Thursday. “The bonds are there to accelerate this.”
Khan’s government is investing in renewable energy to ramp up its economic stimulus in the wake of the pandemic. It’s also promised to ban new coal power plants and is looking to plant 10 billion trees. The nation’s cities rank among the worst globally for air pollution, according to IQAir.
The South Asian nation has a fragile economy that goes through regular boom and bust cycles. It received debt relief during the pandemic, restoring its $6 billion bailout program that it secured from the International Monetary Fund in 2019 to avoid bankruptcy.
Issuance of green bonds globally is seen surging to $375 billion in 2021 by Moody’s Investors Service, after record sales last year. While Europe has led the way, countries from Singapore to Brazil plan to sell their first to tap buoyant investor demand.
JPMorgan, the world’s top arranger of green debt, declined to comment.
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China, Pakistan to enhance scientific cooperation
https://www.thenews.com.pk/print/931728-china-pakistan-to-enhance-s...
Pakistan’s Special Technology Zones Authority (STZA) and Zhongguancun Belt And Road Industrial Promotion Association (ZBRA) of China at a virtual ceremony signed the letter that aims to promote information sharing on science and technology development experience, development of a complete ecosystem, new and emerging technologies, and construction and management of technology zones.
The ceremony was witnessed by STZA chairman Amer Hashmi, ZBRA president Zhang Xiaodong, Pakistan’s ambassador to China Moin ul Haque, and PM’s special assistant on CPEC Affairs Khalid Mansoor.
Under the framework, both parties vowed to facilitate exchanges between high-tech enterprises of both countries in the areas of semiconductors, cloud computing, artificial intelligence, robotics, fintech, blockchain, and biotech for mutually beneficial cooperation.
According to STZA, the collaboration was a cornerstone of its goal to transform the country’s human capital into a high-end future workforce with its tech industry and creating new opportunities for the country’s youth.
“STZA envisions that this partnership with ZBRA will maximize the potential capabilities of the tech industry of both countries,” it said. ZBRA is an organisation headquartered in Beijing, China and legally registered with the Beijing Civil Affairs Bureau. It works to serve Chinese enterprises for high-quality development of the Belt and Road, which will be achieved through projects docking, science, and technology parks cooperation, and
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