Dr. Umar Saif, the Caretaker Federal Minister for IT and Telecommunications, shared promising news about the imminent progress of PayPal and Stripe payment gateways in Pakistan. Addressing concerns about financial tools for freelancers, he expressed optimism about resolving issues within four to six weeks with PayPal.
Highlighting the challenges faced by the 1.5 million Pakistani IT freelancers, Dr. Saif emphasized the lack of infrastructure. He mentioned the E-Rozgar program, which will provide interest-free loans to establish co-working spaces for 500,000 individuals.
Dr. Saif revealed that Pakistan is the second-largest online workforce, consisting of around 19,000 companies employing 150,000 people, with $2.5 billion in official exports. Recognizing the necessity to address constraints on repatriating US dollars for IT firms, he estimated Pakistan’s IT exports to be in the range of $4-4.5 billion.
To address this, the State Bank of Pakistan increased the permissible retention limit for IT exporters from 35% to 50%, allowing more flexibility in fund utilization. Dr. Saif anticipates this will bring liquidity into Pakistan, potentially boosting IT exports to $3.5-4 billion.
To bridge the skill gap, Dr. Saif unveiled a standardized test tailored for IT graduates, to be administered by the National Computing and Education Accreditation Council. Furthermore, he stressed the importance of introducing compulsory apprenticeships within the IT industry. He also mentioned plans to train 16,000 individuals in different software services.
Dr. Saif underscored the vast opportunities awaiting Pakistani IT companies, particularly within the dynamic startup landscape. He announced the upcoming launch of the Pakistan Startup Fund, aiming to attract global venture capital for Pakistani startups.
In the realm of technology, Dr. Saif informed about the initiation of the auction of around 5G spectrum and the introduction of a cell phone financing scheme in collaboration with the Pakistan Telecommunication Authority.
Lastly, Dr. Saif emphasized the government’s commitment to enhancing cybersecurity, with plans to announce a cybersecurity authority in the coming months.
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