Over the past couple weeks, I had the privilege of visiting some of Pakistan’s leading universities, digital skills development centers and vocational & technical training institutes where I witnessed the sheer talent and potential among young Pakistanis. Our country is undoubtedly brimming with bright, innovative minds eager to make their mark.
And yet, despite this wealth of talent, we don’t always equip our youth with the skills and opportunities necessary to thrive in a rapidly evolving global landscape.
Pakistan now has the largest generation of young people in its history, with nearly two-thirds of the population or 160 million under the age of 30 and 4-5 million young people reaching the age of employment every year, whereas the current unemployment rate stands at 10.3%, according to World Bank estimates.
In the long run, this ‘youth bulge’ could be the country’s greatest hope or missed opportunity, depending on how effectively we channel our resources to empower them. Empowering our youth will require significant investments and a strategic overhaul of existing policies and initiatives.
This is vital given that public underinvestment in quality education from the primary level carries through all the way to the tertiary level, exacerbating unemployability of our youth. If more than three-quarters of 10-year-old children in Pakistan are unable to read and understand an age-appropriate paragraph, how do we envisage assimilating them into the workforce?
It is critical for the country to improve the quality of education for K-12 education standards to provide a solid baseline for tertiary, vocational and IT education in both the public and private sector. This is where all stakeholders have to come together, by leveraging not only their financial resources, but better governance, innovative thinking, and operational efficiency to help tip the scales in favor of the country’s youth.
Forging a stronger collaboration between the private sector and tertiary educational institutes to align academic curriculums with labor market demands is also key.
A wider range of offerings for education and for skills development can allow the youth to enter the workforce earlier and pursue more employment options. Providing shorter, more affordable tailored programmes like associate degrees, diplomas, technical and vocational training certifications are options to consider as well. However, the challenge arises in doing this at scale and with quality.
Public-private partnerships can be explored to help deliver such programmes at scale, whereas attaining international certifications and accreditations can ensure that the quality demanded by the job market is met.
In an increasingly digitalized world, the demand for IT skills and services has also grown tremendously across the globe, providing a potential opportunity for our youth and the country as it helps bring in foreign exchange.
The State Bank of Pakistan has taken positive steps to boost the IT sector and expand IT exports to help capture this opportunity and diversify the country’s export base.
However, IT companies continue to face significant challenges, with attrition rates as high as 15-20%. Many skilled professionals are leaving for opportunities abroad, while others are turning to freelancing due to favorable tax conditions.
To counter this trend, we must equip individuals with the IT skills needed to support local companies and drive exports, especially in emerging areas such as artificial intelligence, blockchain, cloud computing, and programming as well as through soft skills training. This will help the sector grow, achieve scale, and compete in the global market.
With Pakistan’s digital transformation expected to unlock $59.7 billion in economic value by 2030, IT upskilling can help the youth secure future job security, while supporting startups can spur innovation, create jobs, and boost economic growth.
None of these initiatives can deliver, however, without involving women, underrepresented communities, or vulnerable groups. This cannot be understated in a country where only 25% of women are employed, despite making up 50% of the population.
By embedding corporate standards for diversity and inclusion within its operations, the private sector brings unmatched capacity to pave the way for a more inclusive and dynamic workforce.
In order to optimize solutions for empowering the youth, it is imperative that all stakeholders come together and synergize their efforts. The private sector has a huge role to play in catalyzing initiatives, showcasing centers of excellence, facilitating knowledge sharing, and providing resources to bridge the gaps that the public sector is unable to cover.
By empowering our youth, we can lay the foundation for a more productive, resilient, and inclusive economy. Ultimately, this would not just be a win for the youth alone – it would be a collective win for us all.
Copyright Business Recorder, 2024
The writer is a Regional Director for the Middle East, Pakistan & Afghanistan at the International Finance Corporation
Comments
Comments are closed.