Pakistan’s Caretaker IT Minister, Dr. Umar Saif, has officially confirmed the federal government’s plan to bring PayPal and Stripe to Pakistan, in addition to establishing co-working spaces tailored for freelancers. This announcement follows a meeting with Caretaker Prime Minister Anwaarul Haq Kakar, during which a comprehensive project was approved to promote the IT industry in the country.
Dr. Saif emphasized that the removal of obstacles could potentially boost IT exports from Pakistan to $10 billion. Caretaker Prime Minister Kakar directed several key government entities, including finance, commerce, energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR), to hold consultations regarding this initiative.
The IT Minister highlighted the significant role the IT sector could play in Pakistan’s economic stability. He detailed plans to train the country’s youth to improve the services sector, with an ambitious target of preparing 200,000 IT professionals through collaboration between industry and academia. These professionals are expected to contribute to increasing IT exports by an additional $5 billion.
Dr. Saif also shared a detailed message on the topic via social media, where he outlined additional initiatives approved by the caretaker government:
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Launching a government-backed Pakistan Venture Capital Fund to attract top-tier international venture capitalists to Pakistan, potentially enabling $1 billion in VC investments in startups.
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Launching Starlink in Pakistan to improve connectivity across the country, with plans for active spectrum sharing, forward-looking taxation policies, regulations, and incentives to prepare for the upcoming 5G auction within 10 months.
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Providing incentives for local manufacturing and export of smartphones in Pakistan, along with a smartphone financing platform to facilitate monthly installment purchases, thus boosting local demand.
These initiatives represent a significant step forward in enhancing Pakistan’s IT industry and potentially positioning it as a global player in the tech sector.
