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LCCI organizes symposium on E-commerce

LCCI organizes symposium on E-commerce

LAHORE: E-commerce is growing at an outstanding pace and expected to touch new peak at international level during the ongoing year.

It is good to see that E-commerce industry in Pakistan is emerging rapidly but more attention should be given as it has the potential to act as a driving force for the economy.

This was crux of the speeches delivered at a symposium on E-Commerce arranged by Lahore Chamber of Commerce & Industry (LCCI) here Wednesday.

Punjab Minister for Information Technology Yasir Humayun, LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, Convener of LCCI Standing Committee on Information Technology and Open Source Software Promotion Ahmad Muzammil and experts from different sectors spoke on the occasion.

Provincial Minister Yasir Humayun said that IT industry in Pakistan is ready to take off. “The real capital in IT industry is the trained manpower and nobody will invest here unless we have a skilled workforce.” He said that it is the time to take full advantage of high-tech and IT sectors.

Lahore Chamber should provide a platform on which all stakeholders can come together.

LCCI President Mian Nauman Kabir said that in developing countries like Pakistan, e-Commerce can play a vital role in boosting enterprise competitiveness and increasing their share in global trade. E-commerce can change destiny of the country as it has become trillion dollars industry.

He said that in 2020, retail e-commerce sales worldwide amounted to 4.28 trillion US dollars and e-retail revenues are projected to grow to 5.4 trillion US dollars in 2022.

“Luckily, we live in the age of Information Technology. The most of developments taken place in this sector during the last couple of decades have changed the entire face of daily life in general and the business world in particular,” he added.

He said that E-Commerce has become a must thing for all the individuals living in urban and the surrounding areas. He said that its emergence has paved the way for inclusive trade and economic development even in the tough times of pandemic.

Mian Nauman Kabir said that E-Commerce can also help in developing entrepreneurs to overcome the usual trade channels and reach a global market since internet based enterprises can be operated at very small scale. Studies show that Micro, Small and Medium Enterprises, that use E-Commerce platforms, are around five times more likely to export than those in the traditional economy.

He said that as the international mega-corporations (like Amazon and Alibaba) have entered the Pakistani market, there is tremendous potential for entry of other such international entities.