Caretaker IT minister asks companies to invest in Pakistani startups

Islamabad: Caretaker Federal Minister for Information Technology Umar Saif on Saturday called on companies to invest in Pakistani startups, emphasizing the government's commitment to supporting these ventures and reducing their risk.

Minister Umar Saif highlighted the government's ongoing efforts to foster entrepreneurship and innovation.

He made these remarks while addressing a press conference in Islamabad on Saturday.

Saif mentioned that Pakistan boasts a favorable time zone and a pool of world-class IT professionals. Furthermore, the caretaker government is actively engaged in initiatives aimed at digitization and the training of 200,000 IT professionals nationwide.

The minister underscored the significance of Pakistan's youth, describing them as the second-largest online workforce globally. He expressed the government's dedication to simplifying payment processes for these talented individuals, stating that there would be no restrictions on dollar transactions for the IT industry. The interim government is diligently working to eliminate obstacles that hinder the industry's growth.

In an earlier announcement, Caretaker IT Minister Dr. Umar Saif confirmed the federal government's intention to bring renowned payment platforms like PayPal and Stripe to Pakistan. Additionally, plans are in motion to establish co-working spaces tailored for freelancers.

During a meeting with Caretaker Prime Minister Anwaarul Haq Kakar, Minister Dr. Umar Saif received approval for a comprehensive project aimed at promoting the IT industry.

Dr. Saif expressed optimism that by removing existing hurdles, Pakistan's IT exports could potentially reach $10 billion.

 In response to this, the Prime Minister instructed relevant authorities, including finance, commerce, energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR), to engage in consultations to facilitate this growth.