- Home
- Pakistan
- Dr. Saif unveils first ever national IT Export Strategy to increase IT Exports, up to $ 10 bln
Dr. Saif Unveils First Ever National IT Export Strategy To Increase IT Exports, Up To $ 10 Bln
Sumaira FH Published November 23, 2023 | 01:40 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd Nov, 2023) Caretaker Minister for Information Technology and Telecommunications Dr. Umar Saif Thursday unveiled the nation's first ever national IT Export Strategy to increase Pakistan's IT exports, up to $ 10 billion in the next three years.
Speaking as a chief guest at the launching ceremony, he said that the Pakistan Software Export board (PSEB) under Ministry of IT and Telecommunication (MoITT) in collaboration with PricewaterhouseCoopers (PwC), and other international partners, including faculty from the University of Oxford, developed the strategy closely aligned with the government’s vision.
The minister said that Information and Communications Technology (ICT) was the only key that open the door to stabilizing and strengthen the country's economy.
He said that Special Investment Facilitation Council (SIFC) had a significant role in enabling the sector and removing departmental bottlenecks .
The minister hoped the forum of the SIFC would attract more Foreign Direct Investment in Pakistan.
Highlighting about the strategy to increase ICT exports, Dr. Umar Saif said that according to the official figures, IT exports were $ 2.6 billion, the government would add another 200,000 skilled people to the existing IT workforce, which would increase exports to $ 5 billion.
Similarly, allowing IT companies to keep Dollars (Dollar retention facility) will increase exports by one billion dollars, while the establishment of The Pakistan Startup Fund will increase the total volume of IT exports by another $ 1 billion to help it meet the target of $ 10 billion.
Dr. Umar called for the strategy's potential, presenting a vision that prioritizes human resource development, capacity building, the implementation of a freelancers’ facilitation program, a startup funding initiative, and the nurturing of a resilient IT ecosystem.
Talking about the key points of the report, he said that the report confirmed that there was a substantial opportunity for Pakistan to grow its IT/ITeS Export revenues to $10-$18bn by 2028 and would make Pakistan a Global IT hub, with a commensurate increase in the Domestic industry to over $6bn per annum.
He further said this was particularly the case in five priority IT/ITeS market segments, and within those,12 priority sub-segments for the Pakistan IT/ITeS Industry which have been identified as having a combination of a high global market growth rate, significant global market size and a large part of the global market available to exploit as there are relatively few established players.
Additionally, an increase of activity, capacity, and capability of the IT/ITeS Industry will have spin-off benefits for associated industries and the economy at large – for example e-Commerce, Financial Services, or the provision of public services (e-Government).
Growth in Pakistan’s IT/ITeS exports will result from the global growth in IT markets, and to support this, the country needed to undertake a significant training and skills initiative over the next five years.
However, the Export market growth will be sub-optimal if the macro-conditions in the country are not also made more favorable - if this is not done, it is likely the level of ambition for IT/ITeS exports will not be met.
Zohaib Khan, Chairman of P@SHA, delivered a resonant message on the critical role of the IT industry in shaping Pakistan's economic landscape.
He underscored the pivotal importance of industry participation, emphasizing how the report was meticulously guided by industry insights. Mr. Zohaib Khan also highlighted how industry collaboration is integral to the success of national projects and initiatives.
Gerard Newman, Study Project Director, a former senior partner of PwC UK, shed light on the significant opportunities for Pakistan's IT/ITeS export revenues. He identified five priority IT/ITeS market segments with significant global market size and relatively limited competition, and the need for an enabling business environment to support the growth of the nation’s IT/ITeS industry.
The ceremony also featured a panel discussion with industry experts, addressing key aspects of the strategy, including challenges and the way forward.
The discussions emphasized unanimous agreement on strategies to remove current constraints and penalties inhibiting the industry's growth.
The event was also attended by ambassadors of various countries.
The event underscored Pakistan's commitment to elevating its IT/ITeS export revenues, aiming for substantial growth of over $10 billion annually in the upcoming years.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 12 May 2024
Today Gold Rate in Pakistan 12 May 2024
Crown Prince Mohammad bin Salman's visit schedule being discussed
Govt decides to procurement wheat from farmers
Deputy PM to pay 4-day visit to China from Monday
Pakistan seeks foreign investments in diverse sectors: PM
Digital transformation key priority for govt to improve tax collection: Aurangze ..
President-designate of COP29 for collective efforts to deal with climate change ..
Punjab Assembly Speaker suspends 27 members
World Migratory Bird Day being observed today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 11 May 2024
Today Gold Rate in Pakistan 11 May 2024
More Stories From Pakistan
-
RTO teams encouraging traders to register for ‘Tajir Dost’ Scheme
21 minutes ago -
Commissioner appreciates PHA’s efforts for successful ‘Tent-pegging’ competitions
31 minutes ago -
PRA accelerates operation against tax defaulters
41 minutes ago -
Chairman DCC directs authorities to plan for cattle markets amid Eid ul Adha
41 minutes ago -
Expired eggs worth Rs 2.3 mln disposed off
1 hour ago -
Child killed, four hurt over land dispute in DG Khan
1 hour ago
-
Cattle farmer killed by firing of unknown outlaws
2 hours ago -
Three held, supply of 142kg hashish foiled
2 hours ago -
MWMC hires 500 sanitary staff for swift cleanliness in city
2 hours ago -
Three dacoits snatch Rs 250,000 from plastic crush plant
2 hours ago -
Punjab governor takes pride in being political worker
12 hours ago -
District coordination committee meets
13 hours ago