Caretaker Prime Minister Anwaar-ul-Haq Kakar granted approval to the Ministry of Information and Technology and Telecommunications’ proposal to bring PayPal and Starlink into Pakistan, marking a significant milestone in the country’s digital evolution.
According to the details, the Government plans to boost IT exports by establishing dollar retention accounts, introducing IT corporate debit cards to facilitate the flow of funds in and out of these accounts, simplifying tax matters, and training IT professionals to contribute an additional $5 billion to the IT export sector.
To bolster the startup ecosystem, the government planned to leverage venture capital, targeting investments of up to a staggering $1 billion.
In a meeting with the Caretaker Minister for IT and Telecom, Dr. Umar Saif, the premier commended the ministry for its far-reaching strategies aimed at harnessing the untapped potential of the nation’s IT sector.
“The Prime Minister has approved and appreciated our plan for the Ministry of IT and Telecom,” Saif wrote on the social media platform X. “[Which includes bringing] PayPal and Stripe to Pakistan and establishing co-working spaces for 500,000 freelancers to increase their potential to an additional $3 billion per year.”
The prime minister further issued directives to the Ministry of Finance, the State Bank of Pakistan, the Ministry of Trade and Commerce, the Federal Bureau of Revenue (FBR), and the Ministry of Energy, urging them to extend their full cooperation to the Ministry of IT in this endeavor.
Highlighting Pakistan’s IT prowess, Minister Saif articulated that the nation’s digital exports could soar to a monumental $10 billion, provided the existing barriers are effectively addressed.
In a bid to fortify the services sector, the Ministry intends to introduce world-class training programs to groom the youth according to global standards. Already in motion is a training initiative targeting 200,000 professionals, poised to boost Pakistan’s IT exports to $5 billion.
Saif said the government would “prepare the telecom industry for the impending 5G auction within ten months by implementing active spectrum sharing, progressive taxation policies, and favorable regulations.”
Addressing the growing cell phone market, Dr. Saif pointed out that Pakistan ranks as the seventh-largest market globally. Therefore, the ministry aims to encourage domestic smartphone manufacturing and exports, nurturing a robust industry ready for global recognition, said the minister.