Major boost for Pakistan’s IT sector as Kakar greenlights ambitious plan

IT minister initiates efforts to streamline loans for startups

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Caretaker Prime Minister Anwarul Haq Kakar has approved an expansive plan aimed at fostering growth in Pakistan’s Information Technology and Telecom (ITV) sector.

Under the directive of Kakar, Minister for Information Technology Dr. Umar Saif is set to collaborate with key government ministries and entities, including finance, commerce, energy, the State Bank, and the Federal Board of Revenue (FBR).

Dr. Umar Saif presented this comprehensive plan during a meeting with the interim Prime Minister, and his efforts were highly appreciated, leading to a significant follow-up meeting to address the matter in detail.

Kakar also announced the establishment of a Special Investment Facilitation Council, which is expected to play a crucial role in boosting investments in the IT sector, digitalizing government services nationwide, and resolving challenges faced by freelancers. He also pledged to ensure the availability of globally recognized IT education and skills in all universities across the country.

During the briefing, the IT minister stressed that by removing existing barriers, Pakistan’s IT exports could potentially soar from $2.6 billion to an impressive $10 billion, resulting in a substantial $5 billion increase in exports. Moreover, efforts are in progress to facilitate access to financial support for IT startups, and it is anticipated that foreign investments of up to $1 billion will flow into the IT sector within the next six months.

Additionally, initiatives are being actively pursued to bring renowned payment gateways like PayPal and Stripe to Pakistan, further propelling the IT industry’s growth.

Shaheer Gul Khan is a final-year student of English Literature at Government College University (GCU) Lahore. Strives to create a challenging and engaging environment having editor skills in freelancing, a goal-oriented. He can be reached at Twitter @HafizShaheerGu1.