“In a time of drastic change, it is the learners who inherit the future. The learned find themselves equipped to live in a world that no longer exists.”
Knowledge-economy can be defined as an economy in which growth is dependent on the quantity, quality, and accessibility of the information available rather than means of production. An economy in which competitiveness and comparative advantage are dependent on research and development rather than abundant cheap labor force and natural resources.
The recent trend of the developed countries is evidence of the fact that antiquated ways of lifting the country’s economy and living standards aren’t helping. Singapore an Asian country with nearly nill resources has been ranked 1st in the global competitive index. Another example is of MIT university who’s graduates have registered 1100 companies employing nearly 3 million people and their sales are around two (2) trillion, a manifestation of the true power of knowledge. On the other hand, Africa is replete with natural resources and labor force but the living standards and life of its inhabitants are miserable. Similarly, a country only dependent on agriculture and its textile industry cannot reach the pinnacle of prosperity.
Pakistan needs to rethink and act simultaneously on its education base, innovation system, information, and communication technology infrastructure. Robust collaboration between academia and industry will help us achieve our goals and lift us from the crisis. In a nutshell, the country must act with alacrity to introduce technology hubs, science parks, joint ventures under CPEC, invite tech giants, and invest more in research and development.