Prime Minister Shehbaz Sharif on Monday said that Pakistan was “ripe for market innovation” and the country was ready to reach out to potential investors for the future of its upcoming generations.

In an address at the Future Investment Initiative Summit in Riyadh — an annual feature since 2017 — the premier said Pakistan was uniquely placed to leverage dynamic technological changes.

“We have one of the youngest populations in the world. Most of these youngsters are equipped with the tools of the new digital world. They are hungry for more skills and more opportunities.

“Pakistan is the fourth most popular country for freelancing,” he said.

Today, a family in urban and rural Pakistan has access to mobile phones and the internet, they aspire for high education standards, they want to buy consumer products, and need everything from insurance to healthcare, PM Shehbaz pointed out.

“Hence, the significance of this consolidated demand could be well appreciated and recognised by investors and entrepreneurs.

“Pakistan is ripe for market innovation. A new generation of Pakistani entrepreneurs are shying away from traditional businesses and turning their focus and energies to disruptive innovations,” he stressed.

During his address, the prime minister also underlined the need for combined efforts to explore the true potential of clean energy resources, coupled with the utilisation of modern tools and technical gadgets to fully harness the talents of young generations.

“Nothing could be of more importance to us than this very challenge: how to ensure that our collective tomorrow is better than our today. And that we are ready for it; that we have the tools, skills, and technology that enables us not just to navigate the complex world of tomorrow, but to also shape it today in a manner that has the most beneficial impact on humanity,” he highlighted.

PM Shehbaz said that the pace of transformation and change was never as swift as it was today. “With the power of technology driving the world towards a future few could imagine in the past, we are well positioned to harness the dynamics of change.”

He went on to say that the power of technology was a great equaliser as it could cut through social, cultural, and financial barriers and empower those who were equipped to leverage it.

The premier also emphasised taking innovative and bold steps in the technological fields that had brought about consequential changes in every sector of life.

The latest technological innovations have been driving the world to such changes that were hardly thought of in the past, he added.

PM Shehbaz landed in Riyadh on a two-day visit on Monday where he was received by Riyadh Governor Prince Faisal Bin Bandar Bin Abdul Aziz Al Saud at the airport. The premier was accompanied by Finance Minister Ishaq Dar, Defence Minister Khawaja Asif, Information Minister Marriyum Aurangzeb and other officials.

Before his departure, a statement by the Foreign Office (FO) said PM Shehbaz’s official trip to Saudi capital Riyadh was scheduled following an invitation by Prince Salman, who was named the kingdom’s prime minister last month.

During his stay in Riyadh, PM Shehbaz would hold consultations with the Saudi crown prince to review the longstanding fraternal relations, to further strengthen the multifaceted cooperation, especially in the economic field, the FO statement said.