Caretaker Federal Minister for IT and Telecommunication, Dr. Umar Saif, hasexpressed his desire to introduce online payment systems like PayPal andStripe to Pakistan. He made this announcement while serving as the chiefguest at the 23rd ITCN Asia 2023 event held in Karachi, themed “DeclaringPakistan The Regional ICT Hub.” Dr. Umar Saif emphasized the significanceof this move, considering that Pakistan boasts the world’s second-largestpool of freelancers. He believes that facilitating their work throughglobally recognized payment platforms such as PayPal and Stripe couldpotentially boost exports by an additional $2 billion.
To achieve the ambitious goal of reaching $10 billion in annual exports,the minister unveiled a comprehensive roadmap with four major dimensions.Firstly, he proposed increasing the annual IT export from its current $2.6billion to $3.5 billion. This would be achieved by instilling confidence inIT companies to retain their export earnings within special accounts heldby Pakistani banks, rather than channeling them offshore to variousinternational offices.
Furthermore, Dr. Umar Saif stressed the importance of establishing specialforex accounts and online banking platforms specifically tailored for ITcompanies. These measures would facilitate their investments in essentialsoftware services and hardware equipment, ultimately strengthening the ITinfrastructure within the country.
Another critical aspect of the roadmap involves the government’scollaboration with the private sector to train 100,000 software developers.This initiative aims to enhance exports by an impressive $2 billionannually, contributing significantly to the overall goal of reaching $10billion in exports. When implemented, this could potentially elevate thetotal export value to $5.5 billion, further solidifying Pakistan’s positionin the global IT sector.
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In conclusion, Dr. Umar Saif’s vision for Pakistan’s IT andtelecommunications sector includes the integration of popular onlinepayment systems like PayPal and Stripe, which could substantially increasethe nation’s exports. His roadmap for achieving the $10 billion annualexport target encompasses strategies to boost IT exports, improve theinfrastructure, and train a large workforce of software developers. Thesemeasures collectively aim to position Pakistan as a thriving hub forinformation and communication technology on the global stage
