The government is committed to investing in Pakistan's huge demographic dividends and turn the country's immense potential into a vibrant economy, which would generate jobs and revenue, besides putting the country on path of development and prosperity.

This was stated by Federal Minister for Economic Affairs Hammad Azhar, while addressing the concluding session of the two-day, "Thought Leaders Summit 2020," organised by British Council, Pakistan, Friday. The event was attended by a number of experts in the fields of research, higher education, digital, and creative and cultural economies.

He also shed light on issues ranging from creative economy to higher education, digital economy, equality, inclusivity and enabling environment. Azhar reiterated the government's resolve to turn all challenges into opportunities.

He said that Pakistan could garner huge benefit from its demographic dividends, adding that other countries such as China, India, Japan and Indonesia had taken advantage of their demographic potential.

"Unfortunately, Pakistan despite the fact it has worlds' richest potential in that particular field, has not utilised it," the minister said. "We are committed to generating opportunities in the job market in line with the vision of Prime Minister Imran Khan and the government by branding Pakistan's potential of demographic richness," he added.

On the digital economy, Azhar admitted that in this sector too, Pakistan had not performed well in the past. "Digital starts-ups usually begin with small and medium enterprises," he said, adding there was a time when this particular sector's share used to be 16 percent but in recent years it steadily declined to eight percent.

The State of Bank of Pakistan (SBP) in collaboration with the Ministry of Finance has taken bold initiatives and in next three to four years it will be back at the 16 percent, and we shall make a further increase in it, he said.

On the subject of creative economy, Azhar said Pakistan lagged in that sector too. "We need to brand our culture and heritage as small countries with limited sources are generating huge revenue by investing in creative economy." The minister also divulged into element of equality and inclusivity in education and promised by the mid of the next year, the government would ensure uniform curriculum at school level.

"Unless we give our youth a level-playing field, we cannot expect to utilise their potential in the maximum way." While appreciating the work done by the British Council's Research Evaluation and Monitoring Unit (REMU), Azhar agreed there was a need to enhance higher education budget particularly the development budget.

Although the development part of higher education is registering considerable raise yet it needs to be increased and the government was well aware of it. The British Council, he said, had done a great job by providing a platform for discussing fundamental issues of inclusive development, challenges in higher education, dissemination of knowledge and sharing data.

This is ideal time we turn liability into opportunity and this can be made possible only by investing in the right direction at the right time, Azhar added.

Amir Ramzan, country director British Council, Pakistan said the summit aimed to bring together stakeholders to initiate dialogue for improving socio-economic status of Pakistanis across the board, especially young people. "We are delighted to host thought leaders from across Pakistan to discuss the importance of research in social, cultural and economic growth. This initiative "Thought Leaders' Summit 2020" will help build connections, understanding and trust among different sectors," said Ramzan, adding the British Council worked with several stakeholders in Pakistan and the UK to produce quality research addressing some key challenges to inform policy.

A report "The New Knowledge Report 2020" released by the British Council revealed that the opportunities for Pakistan are similar to those for other countries, better sharing of information, commerce, social trends, digital access to government services and more opportunities for self learning.