Pakistan is embarking on an ambitious journey to transform itself into a tech export powerhouse. Dr. Umar Saif, the Caretaker Federal IT and Telecommunication Minister, is leading this charge, with a goal to generate $10 billion in annual tech exports. The plan revolves around empowering one million freelancers to earn $30 daily, with government funding and co-working spaces to be provided in the next two to three months.
Pakistan is also in discussions with PayPal to facilitate the integration of this digital payment platform with the country’s banking system, which would streamline export proceeds. Moreover, the government aims to launch advanced 5G mobile internet within eight months, potentially by June-July 2024.
To further support the tech industry, Pakistan has allocated funds to establish the Pakistan Startup Fund and secured agreements with venture capitalists for additional financing. Co-working spaces will also be created for half a million freelancers.
These initiatives are set to empower one million freelancers, potentially bridging the gap between current IT exports of around $2.5 billion and the estimated $10 billion target. Recent measures, allowing IT professionals and freelancers to retain a larger portion of their earnings in foreign currency accounts within Pakistan, are expected to further boost these efforts. The State Bank of Pakistan recognizes the potential of the IT sector in strengthening the country’s economy and balance of payments.