Acting Prime Minister Anwar-ul-Huq Kakar has approved the implementation of PayPal and Starlink in Pakistan. Dr. Saif emphasized that IT exports could achieve a value of $10 billion and startups might be able to attain funding of $1 billion.
The Premier has referred to an ongoing training program for 200,000 IT experts
During a review meeting on the Information Technology and Telecom sectors, caretaker prime minister Dr. Anwar-ul-Haq Kakar sanctioned the Ministry of Information and Technology (IT) and Telecommunications’ proposal for a new all-encompassing policy aimed at enhancing IT exports. The caretaker Minister for IT and Telecom, Dr. Umar Saif, expressed gratitude for the ministry’s efforts in facilitating IT professionals and harnessing the potential of the country’s IT sector.
The Prime Minister has endorsed and commended our proposal for the Ministry of IT and Telecom:
1. Strengthen IT exports by institutionalizing dollar retention accounts, IT corporate debit cards to facilitate seamless transfer of funds in and out of retention accounts, streamlining tax concerns and… pic.com/QAQPT4ObZ8
— Umar Saif (@umarsaif) September 6, 2023
The caretaker prime minister also issued directives to the Ministry of Finance, the State Bank of Pakistan, the Ministry of Trade and Commerce, the Federal Bureau of Revenue (FBR), and the Ministry of Energy to collaborate with the Ministry of IT. Dr. Said appreciated the efforts and mentioned that the new IT policy aims to enhance the country’s digital exports through dollar retention accounts and facilitating an easy flow of funds via IT corporate debit cards.
During the meeting, Mr. Kakakr approved the following points:
- Elevate IT exports by institutionalizing dollar retention accounts, IT corporate debit cards, and simplifying tax concerns
- Initiate a training program for IT professionals to contribute $5 billion to IT exports
- Support IT professionals in bringing PayPal and Stripe to Pakistan for online payments
- To increase the potential earnings of 500,000 freelancers by an additional $3 billion per year, co-working facilities will be established
- Introduce Starlink to enhance connectivity across the country
- Establish a government-backed Pakistan Venture Capital Fund to attract foreign venture capitalists and facilitate $1 billion VC investment in startups
- Enable active spectrum sharing and provide key incentives, rules, and regulations to the telecom sector in anticipation of the forthcoming 5G auction
- Incentivize local smartphone manufacturing and export, and introduce smartphone financing channels to boost local demand
Dr. Saif discussed the potential of the country’s cell phone industry and the strategies to promote domestic production and export of smartphones to attract foreign investments. The ministry aims to revolutionize the IT industry, digitize government institutions, enhance the tax collection system, and offer international standard IT training to students.
All these initiatives aim to elevate Pakistan’s IT exports and stimulate economic growth and development.
Image Source: Tero Vesalainen / Shutterstock
