Caretaker IT Minister Dr. Umar Saif has claimed that PayPal and Stripe willbe coming to Pakistan. He further announced the federal government’sambitious agenda for Pakistan. In a meeting with Caretaker Prime MinisterAnwaarul Haq Kakar, a comprehensive project aimed at bolstering thecountry’s IT industry was greenlit. This project has several key componentsthat are poised to reshape Pakistan’s technological landscape.
Dr. Saif emphasized the potential for growth, asserting that the removal ofobstacles could boost IT exports to a staggering $10 billion. In responseto this vision, Prime Minister Kakar instructed various governmentalbodies, including finance, commerce, energy, the State Bank of Pakistan(SBP), and the Federal Board of Revenue (FBR), to engage in consultationsto pave the way for this economic transformation.
The IT sector, as per Dr. Saif, is set to become a linchpin for Pakistan’seconomic stability through collaborative projects. Part of this initiativeinvolves training young individuals to enhance the quality of servicesoffered in the sector. The government has committed to preparing 200,000 ITprofessionals through cooperation between industry and academia, a moveprojected to elevate IT exports by an additional $5 billion.
Furthermore, the caretaker IT minister shared via X (formerly Twitter) thatthe caretaker premier has endorsed and applauded the launch of agovernment-backed Pakistan Venture Capital Fund. This venture aims toattract top-tier international venture capitalists to Pakistan, with thepotential to infuse $1 billion in VC investments into local startups.Additionally, the plan involves the introduction of Starlink in Pakistan, amove set to significantly enhance nationwide connectivity.
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Moreover, the government is taking proactive measures to facilitate theupcoming 5G auction within 10 months. This includes enabling activespectrum sharing, implementing forward-thinking taxation policies,regulations, and incentives for the telecom industry.
The plan also encompasses incentives for local smartphone manufacturing andexports, along with the introduction of a smartphone financing platform tofacilitate easy monthly installment plans for the public, thus boostinglocal demand for these devices. These multifaceted initiatives collectivelysignal a bold and transformative vision for Pakistan’s IT sector andbroader technological landscape