Your Excellencies – the Ministers, Ambassadors, Experts, Ladies and Gentlemen!

Good Mornings and Good afternoon.

It is an honor to be here, with an inspiring line up of leaders to discuss an increasingly important aspect of Information & Communication Technology – that is the Internet of Things (IOTs) and its role in development, inclusion and promotion of innovation here at "World IoT Top 500 Summit 2023".

The IoT is rapidly changing the world around us. It is already being used in a wide variety of industries, including: Agriculture, Smart Cities, Logistics, Manufacturing, Energy and Healthcare, among others.

The IoT has the potential to revolutionize many aspects of our lives. It has the potential to make our homes smarter, our cities more efficient, our governance more fruitful, and our businesses more productive.

As we know, according to industry estimates, the IOT market size is expected to surpass 3 Trillion US Dollars by 2030, thereby encouraging all the stakholders to inspire the adoption of IOTs for "Leading the New Economy: Fully Interconnected and Digital".

Nonetheless, IOTs have enormous opportunities, there are certain challenges associated with it, which I am confident that all the stakholders are addressing rightly. One such challenge is security. The IoT is a large and complex network, which makes it vulnerable to cyberattacks. Another challenge is privacy. The IoT collects a lot of data about us, and it is important to ensure that this data is used responsibly.

Despite these challenges, the IoT is a powerful technology with the potential to improve our lives in many ways. I believe that the IoT will play a major role in the future of our world - Fully Interconnected and Digital.

Now that we have dignitaries and leaders here at the Summit from Govt, Industry, International Organizations, Academia and Civil Society, I take the opportunity to share that in addition to the challenges I mentioned, here are some other challenges that need to be addressed for the IoT to reach its full potential:

· Standardization: There is a need for standards to ensure that IoT devices and networks are interoperable.

· Cost: The cost of IoT devices and networks can be a barrier to adoption.

· Energy consumption: IoT devices can consume a lot of energy, which is a concern for sustainability.

I believe that the IoT has the potential to be a force for good in the world. It can help us to make our lives more efficient, more productive, and more sustainable.

Towards the end, I must share with you all that the Govt of Pakistan supportive of the IoT adoption and see the future of IoT in Pakistan very bright. With the government's support and the growing interest of businesses, IoT is expected to play a major role in the country's economic development.

We've been taking steps lately to promote IoT, such as the issuance of a regulatory framework for IoT services in 2022. We’ve already addressed IOT’s in Digital Pakistan Policy, National Cyber Security Policy and the draft Policy on Artificial Intelligence among others.

Given that Pakistan actively solicits and advocates enhanced cooperation and collaboration within the regional and global IOT ecosystem and, The World Internet of Things Convention (WIOTC), undoubtedly is an ideal platform for strengthening such cooperation in this area.

Let us work together to ensure that everyone—irrespective of their gender, country of origin or economic background—has an equal opportunity to access and use IOTs. This will be the bedrock of our joint accountability to deliver for our citizens in all their diversity.

Thank You very much.