Pakistan’s Caretaker IT Minister, Umar Saif, embarked on a significant journey to Saudi Arabia on September 30, leading a delegation of IT companies to accelerate tech collaboration between the two countries.
The delegation represented Pakistan’s Special Investment Facilitation Council (SIFC), a civil-military forum established in June to streamline bureaucratic procedures and attract foreign funding, particularly from Gulf Cooperation Council (GCC) nations. By simplifying the process for businesses looking to establish operations in Pakistan, the SIFC has identified five key sectors for investment attraction: agriculture, mining, information technology, defense production, and energy.
Minister Saif said on the social media platform X (formerly Twitter), “Taking Pakistan’s delegation of IT companies to KSA. InshAllah, this will result in investments in Pakistan and big business for Pakistani IT companies in Saudia.”
He emphasized the importance of the GCC market for Pakistani IT firms, many of which are already engaged in projects within the region and underscored Pakistan’s efforts to position itself as a source of technical expertise for GCC projects.
During the Kingdom visit, the Pakistani delegation received updates on the $100 million Saudi-Pakistan Tech House project, announced earlier in the year. This initiative, initially introduced by Prince Fahad bin Mansour at the Future Fest 2023 in Pakistan, aligns seamlessly with Saudi Arabia’s Vision 2030.
The vision emphasized economic diversification, reduced oil dependency, and the establishment of a global investment hub supported by a robust digital infrastructure.
The mission’s primary objective is to foster investments and create substantial business opportunities for Pakistani enterprises operating within the Kingdom.
Saudi SME authority to facilitate Pakistani IT companies scale businesses
Caretaker IT Minister Umar Saif on September 1 announced that Saudi Arabia’s Small and Medium Enterprises General Authority (Monsha’at) is collaborating with Pakistan to provide assistance to its IT companies and startups, aiding them in expanding their operations within the Kingdom.
“Monsha’at is mandated to support small and medium companies in Saudia, and they will be working with us to support Pakistani IT companies and startups to scale their businesses in Saudia,” Saif wrote on X.
Monsha’at, established in 2016, is committed to regulating, supporting, developing, and sponsoring the SME sector in Saudi Arabia. As stated on its website, the authority’s mission includes the development and support of programs and projects aimed at nurturing a culture of self-employment, entrepreneurship, and innovation.
Pakistan’s IT minister, along with a delegation of tech companies, is currently in Saudi Arabia, actively exploring business prospects within the Kingdom. Minister Saif shared his visit to Monsha’at’s office in Riyadh on the social media platform X, where he had the opportunity to meet with Governor Sami Ibrahim Alhussaini of the authority.
Special desk to facilitate tech firm registration process for Pakistan in KSA
According to Umar Saif, Saudi Arabia is also preparing to establish a dedicated desk aimed at simplifying the registration process for Pakistani IT companies looking to establish themselves in the Kingdom.
This development aligned with the signing of a memorandum of understanding (MOU) in Riyadh, marking a significant step in enhancing bilateral cooperation in the field of information technology.
The Ministry of Communications and IT in Saudi Arabia also posted the announcement on the social media platform X.
They signed the “memorandum to accelerate digital innovation, empower entrepreneurs, and develop the digital infrastructure.” The ministry described the development as an “important step” to encourage innovation and enhance growth opportunities in both countries.
As per a statement from the Pakistan Embassy in Riyadh, the agreement’s key objectives revolve around expediting digital transformation, nurturing innovation, and advancing digital infrastructure.
The MOU, inked by Saudi Minister of Communication and Information Technology, Abdullah Al-Swaha, outlines a mutual commitment from both countries to promote the growth of small and medium-sized enterprises and foster startup ecosystems. Additionally, they intend to collaborate on initiatives related to business transfers and the exchange of information regarding accelerators and incubators dedicated to emerging technology.