In September 2023, Pakistan’s oil marketing companies (OMC) experienced a significant decline in sales, with monthly figures dropping by 31 percent compared to the previous year and 25 percent compared to the previous month. These numbers marked the lowest level since the COVID-19 lockdown in March 2020.
During a delegation’s visit to Saudi Arabia, various promising opportunities for collaboration between the two countries’ tech industries emerged. Meetings were held with Saudi officials, IT companies, and startups, setting the stage for potential foreign investment in Pakistan’s IT sector under the Special Investment and Facilitation Council (SIFC). This development holds the potential for a bright future for both nations’ tech sectors.
A Memorandum of Understanding (MoU) was signed between Pakistan’s IT Minister, Dr. Umar Saif, and Saudi Minister of Communication and IT, Engineer Abdullah Alsawaha. The primary goal of this agreement is to offer attractive incentives to Pakistani companies for operations in Saudi Arabia, with a focus on promoting joint ventures and facilitating the exchange of a skilled IT workforce. Additionally, the MoU envisions the launch of a startup exchange program in collaboration with Saudi tech incubators, aimed at fostering innovation and entrepreneurship.
Both the Pakistani and Saudi governments are committed to developing a digital economy and nurturing IT companies. This partnership may extend to the establishment of modern technology centers and campuses for top universities. These initiatives would encompass advanced technology innovation centers and centers of excellence.
Furthermore, both sides have agreed to provide support for the establishment of infrastructure and data centers for cloud computing. The scope of cooperation covers various facets of digitalization, including electronic manufacturing, e-governance, smart infrastructure, e-health, and e-education. Strengthening partnerships in digital research, innovation, and the application of emerging technologies such as Artificial Intelligence, Internet of Things, Robotics, Cloud Computing, Games, and Blockchain is a top priority in their agenda.
