The Ministry of Information Technology and Telecommunication (MoITT) in Pakistan is actively working on a comprehensive financial system and policy structure to integrate international payment gateways such as PayPal and Stripe into the country’s financial ecosystem. This initiative aims to bolster the payment infrastructure for Pakistan’s thriving IT industry, allowing it to seamlessly connect with the global financial framework.
Muhammad Zohaib Khan, Chairman of the Pakistan Software Houses Association (P@SHA), highlighted the crucial role played by Federal Caretaker Minister for Information Technology and Telecom, Dr. Umar Saif, in showcasing Pakistan’s IT industry on the international stage during the GITEX Dubai 2023 event.
Dr. Saif’s vision extends beyond payment gateways. He revealed that the Ministry is actively working on launching the Pakistan Startup Fund, which will attract venture capitalists to Pakistan, fostering a vibrant startup culture. This fund will draw resources from IGNITE, the National Technology Fund, funded by telecom industry revenues.
Additionally, the creation of the Special Investment Facilitation Council (SIFC) and its recognition by the United Arab Emirates is a significant step. SIFC has identified IT as one of its primary focus areas, further highlighting the importance of the IT sector in Pakistan’s economic growth.
The IT industry in Pakistan holds numerous distinctions, such as being the only major sector with a trade surplus, the potential to generate substantial foreign exchange, the ability to address trade deficits, and the power to stimulate the economy by creating high-paying jobs. This concerted effort by the MoITT and industry leaders like P@SHA underscores the commitment to harness the IT and IT-enabled Services (ITeS) sector’s full potential, benefiting not only the industry but the entire economy.
