Pakistan Prime Minister Shehbaz Sharif launched the Freelancers Adventure Capital Initiative in Islamabad, aimed at fostering the growth of information technology-based exports by connecting startups with venture capitalists.
PM Sharif directed the IT ministry to devise a coordinated mechanism and policy framework for the IT sector, seeking cabinet approval to ensure the smooth implementation of these ventures.
“This is the untapped talent across Pakistan which we have to own,” the prime minister said. “This is our responsibility to arrange training and provide maximum funding.”
During the launch event, PM Sharif visited various stalls showcasing the works of young entrepreneurs. He was impressed by projects such as agricultural drones, IT-led medical systems, and using banana peels for various products.
Pakistan’s IT exports have seen significant growth, with the outgoing fiscal year 2022-23 achieving a record-breaking $2.3 billion, marking a 15 percent increase. Notably, computer services net exports rose by 17 percent, amounting to $1.86 billion, contributing to this impressive expansion.
IT Minister Aminul Haq stated that the government is supporting around 20 incubation centers across the country to promote further IT growth. “Efforts were underway to enhance women participation in the IT startups,” he stated.
The ceremony also marked the second round of the National Innovation Award, honoring 50 winners and connecting them with investors to capitalize on their groundbreaking ideas. The government has allocated Rs5 billion to support the IT sector, including Rs2 billion for venture capital and Rs1 billion each for IT training and an IT endowment fund, signaling its commitment to nurturing and sustaining Pakistan’s tech ecosystem.
PAFLA signs agreement to promote freelancing
Pakistan Freelancers’ Association (PAFLA) and Mobilink Microfinance Bank Limited (MMBL) signed a strategic partnership to promote freelancing in Pakistan. Through this strategic partnership, they aim to enhance financial literacy, inclusivity, and entrepreneurship nationwide.
“The trend of freelancing in Pakistan has been on the rise but there is a big room to further promote this workstyle across the country through providing training and capacity-building programs to our people, particularly youth. In this regard, responsible institutions should come forward and play their crucial role in fostering human talent in the country.” CEO PAFLA Tufail Ahmed Khan said.
The collaboration involves organizing events, workshops, and roadshows and establishing incubation centers to support freelancers. Mobilink Bank will open Freelancer Accounts for PAFLA members, offering mentorship, training, and co-working spaces in various cities.
The goal is to empower entrepreneurs, drive economic growth, and encourage the adoption of digital and financial services. PAFLA emphasized the importance of fostering human talent and providing easy banking facilities to freelancers to contribute to the nation’s progress.
Pakistan sets $20 billion investment target for IT sector
Pakistan’s Prime Minister Shehbaz Sharif recently revealed the country’s ambitious plan to attract $20 billion in investments in the IT sector over the next five years.
“Our next target is to get $20 billion investment in IT and increase its exports in the next five years,” he said at the National Information Technology seminar in Islamabad.
To address economic challenges and draw international attention to business opportunities in agriculture, mining, and IT, the government established a special investment facilitation council (SIFC) in June, which notably includes Pakistan’s powerful army chief. The SIFC aims to provide a streamlined process for foreign investors, ensuring efficient government support without delays.
Addressing the seminar, Sharif emphasized that Gulf states are keen to invest in Pakistan’s IT sector, offering increased employment opportunities for the youth and expressing interest in boosting IT production. “Our brothers in Gulf countries are more than willing to invest in the IT sector of Pakistan.” He stated.
Fast Facts
- Pakistan’s freelancing industry is the fourth-largest workforce globally, with approximately 3.5 million freelancers.
- Pakistan generated close to $400 million in 2022.
- Pakistan’s non-IT exports include content writing, translation, virtual assistantship, sales, marketing, finance, and customer service.
- In the outgoing fiscal year 2022-23, Pakistan’s total IT export inflows were $2.3 billion.