Government Initiatives Boosting Tech Growth in 2024

Interim Prime Minister Anwaar-ul-Haq Kakar shares his thoughts in a media briefing at Islamabad’s Prime Minister’s House.

Kakar highlights progress as the government tries to promote foreign investment in Pakistan’s IT sector.
The PM and his team discuss issues related to the establishment functioning of Special Technology Zones.

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has put forward a plan to create a policy framework, calling in top IT experts from around the globe to fortify Pakistan’s tech sector, signaling a potential boost for the national economy.

Recently, the government has been proactive in initiatives to nurture the IT sector. Establishing Special Technology Zones (STZs) is crucial, offering incentives like tax exemptions and vital infrastructure to support IT companies and professionals in their endeavors.

Chairing the fifth meeting of the Board of Governors of the Special Technology Zones Authority in Islamabad, Kakar emphasized the IT sector’s pivotal role in the country’s economy. He directed the formulation of policies to attract IT experts worldwide, fostering the development and promotion of IT within Pakistan.

Acknowledging the strides in promoting foreign investment in the IT sector, Kakar highlighted the significant progress already achieved.

The meeting also delved into establishing and functioning Special Technology Zones across the country. Pakistan’s IT sector has garnered attention, especially with local startups displaying impressive performance and securing substantial international funding. This success reflects investors’ confidence in the country’s tech market and its entrepreneurs, excelling in sectors like e-commerce, fintech, health tech, ed-tech, and logistics.

The government’s recent efforts have extended to exploring diverse markets for the country’s IT exports, primarily focusing on the Middle East and Gulf countries.

Kakar also chaired the 8th meeting of SIFC’s Apex Committee to examine progress on projects in key economic sectors and determine plans for the timely realization of the envisaged investments.

“The Committee appreciated the enhancing level of economic engagements with friendly countries including finalization of Bilateral Investment Treaty with Kingdom of Saudi Arabia and Qatar as well as the signing of MoUs and Framework Agreements with the United Arab Emirates and State of Kuwait respectively,” said an official statement released by the Prime Minister’s Office after the meeting.

“The forum gave directions to convert these sovereign commitments into economic reality at a fast pace,” it added.

The SIFC reviewed progress on various measures taken by the government to improve the investment climate while approving policy-level interventions, such as strengthening domestic dispute resolution mechanisms, to facilitate investors.

It also examined progress on the privatization process and appreciated the collaborative approach of various stakeholders. The meeting participants expressed firm resolve to act against smugglers, hoarders, and market manipulators, saying such elements had negatively impacted the country’s economic trajectory.

Chief of Army Staff General Asim Munir, who is part of the committee, assured the unwavering support of the armed forces to help the government strengthen the national economy. The prime minister directed all stakeholders to vigorously pursue various SIFC initiatives to ensure their accomplishment within the stipulated timeframe.