President draws inspiration from China on poverty alleviation

Islamabad: President Arif Alvi drew inspiration from China’s success in lifting millions out of poverty through investments in education and healthcare.

He emphasized the imperative of bolstering the involvement of marginalized segments of society, notably women and individuals with disabilities, in the economic mainstream through the digital revolution of the financial sector, aiming for comprehensive socio-economic progress. His remarks were delivered during the third edition of Hosting Business Net 2024, a platform dedicated to advancing financial inclusion and digital modernization while acknowledging the contributions of entities operating within this sphere.

The event drew attendance from members of the business and diplomatic communities.

President Alvi underscored the vibrancy of the Pakistani populace, underscored by abundant natural resources, advocating for investment in their intellectual growth and skill development.

He emphasized the necessity of incorporating the nation’s 26.2 million out-of-school children into the education system, warning of the repercussions of neglecting this demographic, which could result in exporting unskilled labor without value addition.

Lauding China for success in lifting millions out of poverty through investments in education and healthcare, President Alvi highlighted the symbiotic relationship between financial inclusion and political participation.

Acknowledging the importance of setting national priorities and making informed decisions, President Alvi addressed Pakistan’s perennial challenge of a low tax-to-GDP ratio, stressing the necessity of reducing reliance on foreign loans.

He commended banks for offering business loans to women but urged them to enhance awareness of micro-credit facilities among women, especially in remote areas, through innovative cashless banking solutions.

In his speech, Iftikhar Hussain, CEO of Transforming Hub, highlighted BizNet’s role as an ecosystem fostering collaboration, commitment, and innovation, particularly in the banking sector’s adoption of cutting-edge financial solutions for user-friendly transactions.

Muzaffar Piracha, CEO of Airlinks Communication, emphasized the pivotal role of digitizing the economy in achieving financial inclusion, while Aamer Ejaz, Chief Digital Officer of Jazz, emphasized the significance of addressing the large undocumented economy through services like JazzCash to empower women and grassroots communities.

President Alvi concluded the event by honoring companies for their contributions to enhancing financial inclusion through technological and digital transformation.