The Overseas Investors Chamber of Commerce & Industry (OICCI) has warned that internet and social media disruptions could not only derail Pakistan’s economic progress but also isolate the country from the global digital economy.
In a statement posted on X (formerly Twitter), OICCI stated that it has consistently advocated for a strong digital infrastructure as the backbone of Pakistan’s economic development. However, frequent internet disruptions, such as the one currently affecting the nation—as highlighted by the Wireless and Internet Service Providers Association of Pakistan (WISPAP)—threaten this vision. WISPAP has reported that, over the past few weeks, internet speeds have plummeted by 30% to 40%.
“It is important to note that in 2023, Pakistani startups raised just $75.8 million across 39 deals, reflecting a sharp year-over-year decline of 77% in funding and 42% in deal volume,” OICCI said in its statement.
More significantly, freelancers generate over $1 billion in revenue for Pakistan’s economy each year, with this additional income being spent on local goods and services, thereby supporting other businesses.
OICCI highlighted that these setbacks, coupled with recurring internet curbs, exacerbate the challenges faced by the services sector and erode investor confidence.
“With Pakistan already struggling to attract FDI, these actions risk further isolating the country from the global digital economy.”
The OICCI warned that such disruptions could derail Pakistan’s economic progress, stifle innovation, and severely impact the prospects for much-needed FDI, a vital component of the nation’s economic revival.
In a related development, WISPAP has expressed concerns over the government’s recent measures to enhance security and surveillance, stating that these actions have severely impacted the country’s digital economy.
WISPAP said in its statement that internet speeds have dropped by 30% to 40% in recent weeks, causing significant disruption for businesses and individuals who depend on fast and reliable connectivity.
