The Ministry of Information Technology and Telecommunication (MoITT) is actively working on a financial system and policy framework to introduce international payment gateways like PayPal and Stripe in Pakistan. This initiative, led by Muhammad Zohaib Khan, Chairman of Pakistan Software Houses Association (P@SHA), aims to enhance the payment ecosystem for the country’s thriving IT industry. Dr. Umar Saif, the Federal Caretaker Minister for Information Technology and Telecom, played a key role in promoting Pakistan’s IT industry on the global stage during GITEX Dubai 2023.
Additionally, the MoITT is actively progressing towards the launch of the Pakistan Startup Fund, which will attract venture capitalists and foster the growth of the startup culture in the country. The fund will be established using resources from IGNITE, the National Technology Fund, funded by federal government telecom industry revenues.
Furthermore, the establishment of the Special Investment Facilitation Council (SIFC) has received recognition from the United Arab Emirates (UAE), with IT identified as one of its primary focus areas. Khan emphasized the role of innovation and financial inclusion in driving rapid growth in the IT and IT-enabled Services (ITeS) industry.
The IT sector in Pakistan holds several distinctions, including being the only major industry with a trade surplus, the potential to generate significant foreign exchange, the capacity to address the trade deficit, and the ability to stabilize the economy by creating high-paying job opportunities.
