https://arab.news/cafst
- Pakistan government has planned to boost annual IT-related exports to $25 billion in the next few years
- The country recently established four new special technology zones that can house 50,000 professionals
ISLAMABAD: Prime Minister Shehbaz Sharif has directed authorities to ensure timely completion of all ongoing projects relating to the information technology (IT) sector to help Pakistan meet $25 billion annual IT export target in the next few years, Pakistani state media reported on Monday.
The directives came at a meeting presided over by the prime minister to review progress of ongoing IT projects and implementation of measures to increase IT-related exports, the Radio Pakistan broadcaster reported.
Officials briefed PM Sharif that work on an IT park project in Islamabad was underway at a fast pace and the project completion time had been brought earlier to February from June next year.
“This project will significantly increase domestic IT exports,” PM Sharif was quoted as saying at the meeting. “It will prove to be a milestone in achieving the target of IT exports of 25 billion dollars.”
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month reached a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan deal. The South Asian country is making desperate attempts to boost exports, particularly in the field of IT, and foreign investment to cut its reliance on foreign debts to support its $350 billion fragile economy.
In May, State Minister for IT and Telecommunication Shaza Fatima reportedly told a tech event that the government had set a target of increasing IT exports to $25 billion for which collaborative efforts were needed to build a digital future that was inclusive, sustainable and secure.
Pakistan has also established four new special technology zones that can house up to 50,000 professionals and have an annual export potential of $350 million, the country’s Special Technology Zones Authority (STZA) said last week.
The newly designated zones include the Mindbridge Special Technology Zone in Lahore, Capital Smart Technology Zone in Rawalpindi, and NUST Special Technology Zone and Tech7 Special Technology Zone in Islamabad, according to the STZA.
These zones, consisting of 1.4 million square feet high-quality tech infrastructure at 130 acres of land, will foster innovation, drive economic growth, enhance technology exports and position Pakistan as a key player in the global technology arena.