New opportunities being created through economic digitalisation: Schehzad

LAHORE, (APP - UrduPoint / Pakistan Point News - 9th May, 2026) Federal Finance Minister's Advisor Khurram Schehzad said on Saturday that the government is creating new opportunities for economic growth through digitalization of the economy, improvement in the tax system, financial transparency and investor-friendly policies.

Addressing a two-day SAFA International Summit 2026 organized in collaboration with the South Asian Federation of Accountants (SAFA) and Institute of Cost and Management Accountants of Pakistan (ICMAP) at a local hotel, he added that accountants can improve institutional performance, increase transparency and provide support in policy-making according to modern economic requirements.

The summit was also attended by SAFA President Humayun Kabir, ICMAP President Azeem Hussain Siddiqui, Vice President ICMA and Chairman Organizing Committee SAFA International Summit Muhammad Yasin, along with prominent financial experts, policymakers, regulators, corporate leaders from Bangladesh, Sri Lanka, Nepal and other member countries.

The Advisor Khurram Schehzad said, the world is currently going through a period of rapid economic, technological and geographical changes where Artificial intelligence (AI), digital economy, global political changes and changing social priorities are reshaping the global financial system. In such circumstances, he added, the role of the accounting and finance sector has become more important than ever.

He said that today's accounting professionals are not limited to compiling financial records, but are advisors to institutional leadership, strategic partners and playing an active role in decision-making, risk management, performance analysis and long-term planning. He said that in this era of transparency and accountability, the accountancy sector is the foundation of economic stability because investors, governments, regulatory bodies and the public rely on accurate and reliable financial information. Therefore, it is imperative for accounting professionals to maintain the highest standards of integrity, professional ethics and transparency.

Describing the topic of the conference as timely and forward-looking, Khurram Schehzad said that as the world is moving towards a digital and sustainable economy, the accountancy sector must also adapt to new technologies and modern requirements. He said that artificial intelligence, blockchain, cloud computing and data analytics are revolutionizing the way financial information is prepared, analyzed, and monitored, so accountants need to continuously enhance their professional skills and modernize their institutional systems to effectively meet future challenges.

The Advisor to the Finance Minister said that Pakistan is currently going through a critical economic phase and the government is taking serious steps to achieve sustainable economic growth, fiscal discipline, promote investment, increase exports, and establish a strong institutional framework. He said that under the leadership of Prime Minister Muhammad Shehbaz Sharif, the government is pursuing a reform agenda to strengthen public financial management, tax system improvement, effective implementation, corporate governance, and accountability systems.

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He said that South Asia is currently facing serious challenges such as economic slowdown, climate change, energy crisis, debt pressures, and global financial uncertainty, which require strong fiscal management, transparent accountability systems, and effective public financial management has become indispensable.

He said that in such circumstances, the accountancy profession can play a fundamental role in building trust between state institutions, the private sector and the public, while professional accountants and financial experts have the potential to play an effective role in economic management as well as diplomacy, policy-making and promotion of international cooperation.

He termed the youth as the most valuable asset of Pakistan and South Asia and said that providing them with quality education, modern skills, moral values ??and continuous learning opportunities is the need of the hour so that they can play an effective role in the global economy. Khurram Schehzad said that forums like the SAFA International Summit provide an effective opportunity for countries in the region to learn from each other’s experiences, exchange best financial and management policies and promote regional cooperation. He said that promoting transparency, good governance and institutional strength is essential for inclusive and sustainable economic development in South Asia.

He congratulated ICMA Pakistan on completing 75 years and expressed the hope that the discussions and recommendations at the summit would be disseminated across the region. He said, Institute of Cost and Management Accountants of Pakistan (ICMA) has played a significant role in promoting professional standards, enhancing institutional capacity and national development over the past 75 years. Addressing the summit, other speakers emphasized that the world is rapidly moving towards artificial intelligence, digital technology and automated financial systems, therefore, it is the need of the hour to align the accountancy sector with modern requirements. They said that the importance of digital transformation, data analytics systems, sustainable business models, eco-friendly economic policies and transparent financial systems will further increase in the future economy.

Keynote sessions and panel discussions were also held during the summit on various topics including regional economic integration, public sector governance, technology-based financial strategies, environmental and social responsibilities, sustainable economic models and restoring trust in a changing world.

Finance experts, policymakers and corporate representatives from Pakistan and abroad presented their ideas and suggestions regarding artificial intelligence, digital finance, governance reform, public financial management, and the future of accounting.