Capital suggestion: Lost in time

Pakistan finds itself embroiled in a national debate centred on the Supreme Court's composition, while the world outside of Pakistan is focused on Artificial Intelligence (AI). Pakistan finds itself embroiled in a national debate centred on the age of Supreme Court judges, while globally the debate revolves around cloud providers. Political figures like Maulana Fazlur Rehman dominate Pakistan's national spotlight, while outside of Pakistan all the attention is on semiconductor powerhouses. A week ago, Pakistan was preoccupied with Gandapur’s wild outbursts, a stark contrast to the global focus on cutting-edge technologies like neural networks, machine learning, deep learning, and cybersecurity innovations.

Future economic growth will be driven by technological advancements, with the global economy and the evolution of technology deeply intertwined. The future of technology revolves around artificial intelligence developers, semiconductor producers, cloud providers, data centers, and cybersecurity experts. Technology is now the only engine of economic progress. To be certain, countries and businesses that prioritize AI, innovation and digital transformation will lead the future.

In Pakistan, our national discourse operates as a zero-sum game, which has had severe economic consequences. The capitalization of the Pakistan Stock Exchange has fallen from $100 billion in 2017 to just $30 billion in 2024. Meanwhile, the world outside Pakistan is focused on GPUs (Graphics Processing Units) and TPUs (Tensor Processing Units), which are the essential ingredients in the AI ecosystem.

Apple, a key player in the AI ecosystem, has seen its market capitalization soar from $861 billion in 2017 to $3.29 trillion in 2024, making it the most valuable company in the world. Microsoft, traditionally known for its Windows operating system, Office suite, and Azure cloud platform, has also grown significantly, reaching a valuation of $3.2 trillion.

Nvidia, a leader in producing GPUs capable of handling complex AI tasks like deep learning and machine learning, has risen to a market value of $2.8 trillion, further underscoring the global shift toward AI and advanced computing.

Pakistan boasts the world's largest contiguous irrigation system. As one of 32 nations with nuclear power plants, Pakistan harnesses advanced technology for energy generation. The country is rich in mineral resources, including copper, iron ore, chromite, antimony, bauxite, gypsum, and salt. Additionally, Pakistan possesses significant petroleum reserves, estimated at over nine billion barrels. Its shale gas reserves are substantial, reaching 105 trillion cubic feet (Tcf). The country's potential for renewable energy is immense, with solar power capable of producing 2.9 million MW and wind energy potentially generating 346,000MW.

Pakistan faces a critical management shortfall, rather than a resource shortfall. Despite Pakistan’s rich natural resources, strategic location, and a young, working-age population, Pakistan’s potential remains untapped due to systemic governance failures and institutional inefficiencies.

Pakistanis find themselves trapped in a time warp of political turmoil. While the rest of the world races towards an AI-powered future, we remain mired in the past, totally consumed by petty power squabbles. It is time for Pakistan to wake up from this slumber-adapt and thrive or become irrelevant in the global arena.

The writer is a columnist based in Islamabad. He tweets/posts @saleemfarrukh and can be reached at: farrukh15@hotmail.com