OICCI Warns Internet Outages Could Isolate Pakistan from Global Digital Economy
The Overseas Investors Chamber of Commerce & Industry (OICCI) has raised alarms about the potential impact of internet and social media disruptions on Pakistan’s economic future. According to OICCI, these disruptions could severely undermine the country’s progress and isolate it from the global digital economy.
In a recent statement shared on X (formerly Twitter), OICCI emphasized the critical need for robust digital infrastructure to drive Pakistan’s economic development. However, ongoing internet issues, highlighted by the Wireless and Internet Service Providers Association of Pakistan (WISPAP), are jeopardizing this progress. WISPAP has reported a significant drop in internet speeds, with reductions ranging from 30% to 40% in recent weeks.
OICCI noted that in 2023, Pakistani startups raised only $75.8 million through 39 deals, marking a dramatic 77% decline in funding and a 42% drop in deal volume compared to the previous year.
Furthermore, freelancers contribute over $1 billion annually to Pakistan’s economy. This income supports local businesses and services, making the stability of digital connectivity crucial for economic health. The OICCI’s concerns underscore the urgent need to address internet reliability to maintain investor confidence and foster innovation.
