[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]Dr. Umar Saif, the Caretaker Federal Minister for IT and Telecommunication, has expressed his desire to introduce online payment systems like PayPal and Stripe to Pakistan. Speaking as the chief guest at the 23rd ITCN Asia 2023 event in Karachi, themed “Declaring Pakistan The Regional ICT Hub,” he highlighted that Pakistan has the world’s second-largest freelancer community, and enabling them to use global payment platforms like PayPal and Stripe could boost exports by an additional $2 billion.
To achieve the target of $10 billion in annual exports, the minister outlined a four-fold plan. He proposed increasing annual IT exports from the current $2.6 billion to $3.5 billion by encouraging IT companies to retain their export earnings in special accounts within Pakistani banks, rather than offshore offices abroad. This would require the establishment of special forex accounts and online banking platforms for IT companies to invest in essential software services and hardware equipment.
Read more : How To Withdraw Money From PayPal in Pakistan
Additionally, the ministry plans to partner with the private sector to train 100,000 software developers, aiming to increase exports by another $2 billion per year, totaling $5.5 billion. Various training programs and boot camps will be organized to enhance the skills of university graduates to meet the demands of the IT industry, providing employment opportunities.
Dr. Umar Saif emphasized that Pakistan’s freelancers, despite being the second-largest online workforce globally, face challenges due to the absence of international payment gateways like PayPal. Enabling freelancers with access to global payment systems and easy account facilities could further enhance exports by $2 billion.
To support freelancers, the government, in collaboration with the private sector, intends to create 5,000 workstations in different cities. Furthermore, the minister proposed equalizing the high tax rate on freelancers’ income with that of the IT industry, set at 0.25%, to encourage the growth of the Gig economy in Pakistan.
Dr. Umar Saif also discussed the need for a de-risking mechanism for venture capital to boost startup investment. The ministry plans to launch a fund of funds with 30% government equity to stimulate this sector.
Read more : Interim IT Minister Aims for $20B IT Exports
Regarding the telecom sector, the minister pledged to facilitate the launch of 5G technology through the auction of 300 MHz, consulting with all stakeholders. He also highlighted the need to increase spectrum capacity to meet customer demand.
In addition to Dr. Umar Saif’s remarks, several other dignitaries and organizations participated in the 23rd ITCN Asia event, which featured over 450 organizations, including 100 foreign delegates from various countries. The event focused on showcasing global brands and addressing topics like cybersecurity, e-commerce, fintech, and more, with support from key industry associations and government bodies.[/vc_column_text][/vc_column][/vc_row]
