PayPal and Stripe are coming to Pakistan
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Caretaker IT Minister Dr. Umar Saif has claimed that PayPal and Stripe will be coming to Pakistan. He further announced the federal government's ambitious agenda for Pakistan. In a meeting with Caretaker Prime Minister Anwaarul Haq Kakar, a comprehensive project aimed at bolstering the country's IT industry was greenlit. This project has several key components that are poised to reshape Pakistan's technological landscape.
Dr. Saif emphasized the potential for growth, asserting that the removal of obstacles could boost IT exports to a staggering $10 billion. In response to this vision, Prime Minister Kakar instructed various governmental bodies, including finance, commerce, energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR), to engage in consultations to pave the way for this economic transformation.
The IT sector, as per Dr. Saif, is set to become a linchpin for Pakistan's economic stability through collaborative projects. Part of this initiative involves training young individuals to enhance the quality of services offered in the sector. The government has committed to preparing 200,000 IT professionals through cooperation between industry and academia, a move projected to elevate IT exports by an additional $5 billion.
Furthermore, the caretaker IT minister shared via X (formerly Twitter) that the caretaker premier has endorsed and applauded the launch of a government-backed Pakistan Venture Capital Fund. This venture aims to attract top-tier international venture capitalists to Pakistan, with the potential to infuse $1 billion in VC investments into local startups. Additionally, the plan involves the introduction of Starlink in Pakistan, a move set to significantly enhance nationwide connectivity.
Moreover, the government is taking proactive measures to facilitate the upcoming 5G auction within 10 months. This includes enabling active spectrum sharing, implementing forward-thinking taxation policies, regulations, and incentives for the telecom industry.
The plan also encompasses incentives for local smartphone manufacturing and exports, along with the introduction of a smartphone financing platform to facilitate easy monthly installment plans for the public, thus boosting local demand for these devices. These multifaceted initiatives collectively signal a bold and transformative vision for Pakistan's IT sector and broader technological landscape
