The federal government’s intention to introduce PayPal and Stripe to Pakistan as well as create co-working spaces for independent contractors has been confirmed, according to interim IT Minister Dr. Umar Saif.
Following a meeting with Caretaker Prime Minister (PM) Anwaarul Haq Kakar, IT Minister Dr. Umar Saif made the announcement. PM Kakar authorised a comprehensive project for promoting the IT industry during the meeting.
Dr. Saif claimed that if barriers are removed, IT exports might increase to $10 billion. The president ordered talks with the Departments of Finance, Trade, Energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR).
Dr. Saif predicted that after the projects’ collaboration, the IT industry would be crucial to maintaining economic stability. He explained how measures are being taken to train young people to enhance the services sector.
With the help of businesses and academics, the government started putting its plan to equip 200,000 IT experts into action. The experts would contribute to a $5 billion rise in IT exports.
The interim IT minister outlined the caretaker premier’s approval and appreciation for the idea of launching a government-backed Pakistan Venture Capital Fund, which would enable $1 billion in VC investment in businesses. The message was posted on X, formerly known as Twitter.
He continued by saying that the launch of Starlink in Pakistan has also been approved in order to enhance connectivity throughout the nation.
In accordance with the proposal, the government would permit active spectrum sharing, forward-looking taxation policies, regulations, and incentives to help the telecom sector get ready for the impending 5G auction within a 10-month timeframe.
A smartphone financing mechanism so that individuals may easily buy phones on monthly installments and incentives for local manufacturing and export of smartphones from Pakistan are also needed to increase local demand, he added.