Caretaker Prime Minister Anwar-ul-Huq Kakar has given the green light for the introduction of PayPal and Starlink to Pakistan. Dr.Saif highlighted that IT exports could reach $10 billion and startups might be able to raise $1 billion.
The PM mentioned an ongoing training program for 200,000 IT professionals
On Wednesday, caretaker prime minister Dr. Anwar-ul-Haq Kakar approved the Ministry of Information and Technology (IT) and Telecommunications’ plan for a new comprehensive policy that will help to enhance IT exports. This plan was approved during a review meeting on the Information Technology and Telecom sectors. The caretaker Minister for IT and Telecom Dr Umar Saif expressed appreciation for the ministry’s initiatives in facilitating IT professionals and tapping the potential of the country’s IT sector.
The Prime Minister has approved and appreciated our plan for the Ministry of IT and Telecom:
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.com/QAQPT4ObZ8
— Umar Saif (@umarsaif) September 6, 2023
The caretaker prime minister also signed 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 boost the country’s digital exports through dollar retention accounts and enabling an easy flow of money through IT corporate debit cards.
During the meeting, Mr.Kakakr approved the following points:
- Increase IT exports by institutionalizing dollar retention accounts, IT corporate debit cards, and streamlining tax issues
- Establish a training program for IT professionals to add $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 improve connectivity throughout the country
- Establish a government-backed Pakistan Venture Capital Fund to attract foreign venture capitalists and enable $1 billion VC investment in startups
- Enable active spectrum sharing and offer important incentives, rules, and regulations to the telecom sector in preparation for the future 5G auction
- Incentives for local smartphone manufacturing and export and introduction of smartphone financing channels to enhance local demand
Dr. Saif remarked on the potential of the country’s cell phone industry and the plans to encourage domestic production and export of smartphones to attract foreign investments. The ministry aims to revolutionize the IT industry, digitize government institutions, improve the tax collection system, and provide international standard IT training to students.
All these initiatives aim to increase Pakistan’s IT exports and promote economic growth and development.
Image Source: Tero Vesalainen / Shutterstock
