Navigating Pakistan's Digital Future: Insights from Professor Naveed Sultan at SDSB-LUMS

On February 27, 2025, the Suleman Dawood School of Business (SDSB) at LUMS hosted a Guest Speaker Session featuring a thought-provoking talk by Professor Naveed Sultan titled “Transition to Digital Economy”. The event brought together faculty members, students, and industry experts to discuss how Pakistan can effectively navigate and thrive in the evolving digital landscape.

In his presentation, Professor Sultan outlined the historical evolution of society, the economy, and the financial system, illustrating how these pillars have continuously driven change. He underscored the urgent need to address global wealth disparities, highlighting that the top 10% of the global population holds 52% of income and 76% of wealth, while the bottom half has just 8.5% of revenue and 2% of wealth.

As the world embarks on the Fifth Industrial Revolution, marked by groundbreaking technologies like AI, blockchain, cryptocurrency, and quantum computing, Professor Sultan emphasised the necessity of a robust, holistic national digital policy. Such a policy, he argued, could play a pivotal role in broadening the formal economy, enhancing financial transparency, advancing ESG (Environmental, Social, and Governance) goals, and driving both digital and industrial transformation in Pakistan.

A key highlight of the seminar was Professor Sultan’s proposed framework for this digital policy, which focused on five essential elements: infrastructure, digital adoption, service innovation, trust, and public-private partnerships. He stressed the importance of developing reliable and affordable digital infrastructure, promoting digital skills and literacy among small and medium-sized enterprises (SMEs), fostering a data-driven environment, building consumer confidence through robust cybersecurity measures, and enhancing governance and policy implementation through strategic collaborations between government and industry.

One of the most compelling aspects of his talk was the emphasis on Pakistan’s current position on the global Digital Readiness Index, which ranks 120th out of 146 countries. This statistic stressed the need for significant strides in digital infrastructure, policy formulation, and execution to uplift Pakistan's digital economy.

Professor Sultan also showcased the transformative impact of digital technologies on financial services, illustrating how digital tools are revolutionising everything from payments and lending to risk management and advisory services. His insights provided a clear roadmap for how Pakistan can leverage digital advancements to drive economic growth and inclusivity.

The session concluded with a forward-looking discussion on future opportunities for research, curriculum development, and case studies that bridge the gap between academic theory and industry practice.  By addressing the multifaceted dynamics of the digital economy, the talk reaffirmed SDSB’s commitment to fostering meaningful dialogue on contemporary challenges. It highlighted the school's pivotal role as a knowledge-sharing platform, empowering stakeholders to seize opportunities, overcome barriers, and drive Pakistan's journey toward a thriving and inclusive digital future.