The federal government’s intention to introduce PayPal and Stripe to Pakistan as well as create co-working spaces for independent contractors has been confirmed, according to interim IT Minister Dr. Umar Saif, ARY News reported on Wednesday.
Following a meeting with Caretaker Prime Minister (PM) Anwaarul Haq Kakar, IT Minister Dr. Umar Saif made the announcement. PM Kakar authorized a comprehensive project for promoting the IT industry during the meeting.
Dr. Saif claimed that if barriers are removed, IT exports might increase to $10 billion. The prime minister ordered meetings in the areas of finance, commerce, energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR).
In order to emphasize the significance of a concerted effort, Prime Minister Kakar gave instructions to several government bodies, including finance, commerce, energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR), to engage in cooperative talks.
Reforms For Freelancers and IT Sector
With the help of various IT professionals or freelance work, more than 6 lac Pakistanis export their IT services to other countries, generating $250 million each month in export remittances to South Asian nations.
Due to a lack of business prospects, regulatory and compliance challenges, as well as worries about fraud and money laundering, online payment providers Stripe and Paypal are not currently operating in Pakistan, which is creating payment issues for freelancers amid the ongoing boom in IT exports.
Aiming to increase IT exports by $5 billion, Dr. Saif also emphasized the crucial role that the IT sector plays in achieving economic stability. He outlined plans for training 200,000 IT workers through business and academic partnerships.
Reforms for Telecom Sector
In accordance with the proposal, the government would permit active spectrum sharing, forward-looking taxation policies, regulations, and incentives to help the telecom sector get ready for the impending 5G auction within a 10-month timeframe.
“Incentives for local manufacturing and export of smartphones in Pakistan, as well as smartphone financing platform (so that people can easily get phones on monthly instalments) to enhance local demand,” he said in his conclusion.
This forward-thinking project highlights Pakistan’s dedication to maximizing its IT potential for economic development and progress.
Incentives for domestic smartphone production and exports are also included in the plan, along with the launch of a platform for smartphone financing that will make it simple for people to pay for their purchases in manageable monthly installments and increase local demand for these gadgets.
Together, these various efforts represent Pakistan’s IT industry and wider technology landscape in a daring and innovative way.