Caretaker Federal Minister for Information Technology and Telecommunication Dr. Umar Saif has said that the government was taking multifaceted measures to accelerate the growth of information and communication technology in Pakistan.
The IT minister while addressing the annual ICT Awards ceremony 2023 organized by Pakistan Software Houses Association (PaSHA) the other day here in Karachi, said that though the tenure of the interim government is short, we, in available time, will lay the foundation of sustainable measures under the right line of action, which will provide the required benefits of ICT sector to the up-coming government.
The fast-developing IT sector possessed an enormous growth potential and it could play a significant role in the stability of the country’s economy, he said adding that the government was doing its part to provide facilities, and the industry should play its part by increasing its capabilities.
Pakistan with its significant youth bulge, resources, skills, grit, and every ancillary factor has a vast potential to grow in the ICT sector, the minister noted adding that the ICT sector with steps in the right direction could leave every traditional industry behind.
It was evident from the fact that foreign investment in start-ups has crossed the $800 million mark while a number of global companies were investing in Pakistan.
Terming the establishment of the Special Investment Facilitation Council (SIFC) as an imperative decision Dr. Saif said that the need for a high-level powerful forum has been felt for a long time that could play its central role in the sustainability of policy and implementation and carry out necessary changes when required.
The SIFC has taken within two months important decisions which were awaited for years, he said adding that the council would surely fill the gap and realize the agenda of growth and revival of the national economy, he said.
State Bank has taken steps to facilitate the IT exporters and freelancers which included ease of opening accounts and an increase in permissible retention limit of IT exporters from 35 percent to 50 percent of their export proceeds in the Exporters’ Specialized Foreign Currency Accounts, the minister observed and urged the IT companies, professionals and freelancers to bring their liquidity into Pakistan.
Dr. Umar Saif said that the government was mulling over introducing a standardized test to facilitate graduating students in getting internship opportunities as well as employment in industry. We are in contact with the Higher Education Commission in this regard and soon the idea would be materialized, he added.
For facilitating the underwriting of the external investment in the shape of venture capital (VC) the government will also set up Pakistan Star-ups Funds, he said and informed that options were being reviewed for leveraging resources and rerouting the capital to the ICT sector by incentivizing the private sector in converting their capital from other sectors especially from real estate to the ICT industry.
He further informed that the IT sector was growing at a fast pace in Pakistan and the number of IT companies had surged to over 19000 while 4G connectivity was expanding as well. Preparations were being made for the launch of the 5G spectrum in the country and we would be able to launch the 5G within a year’s time, he hoped.
Dr. Umar Saif appreciated chairman PASHA Muhammad Zohaib Khan, HBL management, and the IT industry for organizing the grand event and said that work is going on rapidly for the required initiatives including spectrum auction, co-working station for freelancers, startup funds, digital payments, global payment gateway etc.
“I assure the IT industry that we will work closely with P@SHA and all other stakeholders for the promotion and development of this sector, the only goal is that Pakistan can achieve its desired position and share in the digital world so that not only the People of Pakistan can earn decent amount but also strengthen Pakistan’s economy”, he added.
Chairman PASHA, Mohammad Zohaib Khan speaking at the occasion said that with a legacy of more than two decades, the PASHA ICT Awards have been honoring groundbreaking achievements and visionary contributions in the technology sector. The award symbolizes the relentless pursuit of excellence in shaping our ever-evolving digital landscape, he added.
HBL PASHA ICT Awards 2023 featured 34 remarkable Gold Awards, 40 Merit Awards, and a total of 727 nominees, showcasing the remarkable growth and advancements within the Pakistani tech industry. The event’s panel of 82 judges from all over Pakistan ensured a fair and rigorous evaluation process.