In a significant move towards enhancing Pakistan’s IT exports and technological advancement, caretaker Prime Minister Dr. Anwar-ul-Haq Kakar gave the green light to a comprehensive plan during a review meeting on the Information Technology and Telecom sectors. The plan aims to revolutionize the nation’s IT industry, with a focus on boosting exports and fostering innovation.
The Ministry of Information and Technology (IT) and Telecommunications presented a forward-looking strategy to promote Pakistan’s IT development and ramp up domestic IT exports. During this meeting, Dr. Umar Saif, the Caretaker Minister for IT and Telecom, commended the ministry for its proactive approach to support IT professionals and unlock the full potential of the country’s IT sector.
One of the key initiatives within the approved plan is the institutionalization of dollar retention accounts, IT corporate debit cards, and the resolution of tax-related issues. Secondly, the PM approves the plan to bring PayPal and Starlink into Pakistan. These measures are set to significantly increase IT exports while simplifying financial transactions in the sector.
Additionally, the plan includes a comprehensive training program for IT professionals, expected to contribute an impressive $5 billion to IT exports. It also emphasizes the facilitation of online payments by bringing global giants like PayPal and Stripe to Pakistan, offering tremendous support to the thriving e-commerce industry.
Furthermore, co-working facilities will be established to empower freelancers, potentially increasing their earnings by an additional $3 billion per year. The introduction of Starlink will enhance connectivity nationwide, ensuring that even remote areas have access to high-speed internet.
To attract foreign venture capitalists and stimulate startup growth, a government-backed Pakistan Venture Capital Fund will be established, with a target investment of $1 billion. The plan also focuses on active spectrum sharing, enabling the telecom sector to prepare for the upcoming 5G auction effectively.
The IT policy extends its support to local smartphone manufacturing and export, offering incentives and introducing smartphone financing channels. This move aims to tap into Pakistan’s position as the seventh-largest global smartphone market, attracting foreign investments and boosting the local economy.
The Prime Minister has approved and appreciated our plan for the Ministry of IT and Telecom:— Umar Saif (@umarsaif) September 6, 2023
1. Enhance IT exports by institutionalising dollar retention accounts, IT corporate debit cards to enable easy flow of money in and out of retention accounts, streamlining tax issues and… pic.twitter.com/QAQPT4ObZ8
In conclusion, Pakistan’s IT sector is poised for significant growth with these comprehensive initiatives. The government’s commitment to digitizing institutions, promoting IT training, and fostering innovation sets the stage for a prosperous future. The integration of PayPal and Starlink into Pakistan, along with other strategic measures, will undoubtedly drive Pakistan’s IT exports and contribute to economic development.