KARACHI : Oct 25 : Muhammad Zohaib Khan, Chairman of Pakistan Software Houses Association (P@SHA), has said Federal Caretaker Minister of Information Technology and Telecom (MoITT), Dr. Umar Saif, played a pivotal role in grabbing the attention of IT industry from the world over during the GITEX Dubai 2023 as he is a well-known figure in international IT industry; being a PhD in IT from MIT and a successful tech investor, entrepreneur & governance leader.
Zohaib Khan informed that Pakistan’s P@SHA Connect event was addressed by IT minister Dr. Umar Saif and he announced that his ministry is working towards the successful launch of Pakistan Startup Fund – which has the potential to attract venture capitalists to Pakistan and also promote the startup culture in Pakistan. The fund will be established using funds from IGNITE, National Technology Fund – which is funded by federal government’s telecom industry receipts & revenues.
Zohaib Khan acknowledged that IT ministry is working diligently to enable our financial system and policy framework for PayPal and Stripe payment gateways as these international payment gateways are indispensable to facilitate payments to IT industry in Pakistan through its integration into financial ecosystem of the global IT industry.
Mr. Khan acknowledged that the formation of Special Investment Facilitation Council (SIFC) has been appreciated by UAE and, above all, SIFC has made IT as one of its five focus areas. SIFC has instilled confidence in potential investors that they will have a one-window under roof treatment and there will be continuity in policies.
Chairman P@SHA, Zohaib Khan stressed that innovation & financial inclusion is the key to rapid growth in IT and IT-enabled Services (ITeS) industry – and, IT is the only industry in the country having a number of firsts and a unique positioning: (i) only major industry in Pakistan having a trade surplus (ii) has the capability to earn foreign exchange to the tune of $5 billion within a year (iii) can bridge Pakistan’s overall trade deficit (iv) stabilize the economy in general through exponential growth; reduced volatility in rupee-dollar parity; building foreign exchange reserves (FER) of the State Bank and creating high-paying jobs quickly.
Zohaib Khan highlighted that Pakistan’s federal secretary of IT, Hassan Nasir Jamy, visited the stalls of major Pakistani companies who were part of the Pakistani delegation to GITEX Dubai 2023 under the umbrella of P@SHA.
Mr. Khan added that Pakistan Pavilion displayed Pakistan’s IT & tech potential during GITEX Dubai 2023 like never before as B2B footfall of the multinational companies; government delegations and venture capitalists was unmatched in the history of Pakistan. It will result in export orders, industry collaborations and investments of at least $250 million.
Chairman P@SHA pointed that though Pakistan has raised $700 million in startup funds in the last 3.5 years; he is aiming to take Pakistan to $500 million in the near-term of a year and $1 billion in the short-term of 1 – 3 years. It is fascinating that 100 Pakistani companies participated in GITEX with their 500 delegates, he added.
Dr. Umar Saif accompanied H. E. Mr. Faisal Niaz Tirmizi, Ambassador of Pakistan in UAE, and Zohaib Khan in inaugurating Pakistani Pavilion in GITEX; while the ambassador assured the Pakistani delegation of his full support in making Pakistan a preferred tech destination for the GCC investors in general and UAE’ entrepreneurs in particular.
It is pertinent to note that The World Trade Club hosted Federal IT Minister of Pakistan and Chairman P@SHA to address a high-profile and distinct gathering on the sidelines of the event. We were pleased to reach trade leaders of international significance from various verticals of IT industry, Zohaib Khan added.