PM Imran directs authorities to facilitate investment in IT sector

Prime Minister Imran Khan directed authorities concerned to take all possible measures to facilitate potential investors in the IT sector.

Chairing the meeting of the Board of Governors of Special Technology Zones Authority (STZA) in Islamabad on Wednesday, the premier said the government was focused on exploiting the full potential of exports in the technology sector.

According to a statement issued by the Prime Minister's Office, the premier stressed upon ensuring ease of doing business to attract more Foreign Direct Investment (FDI) in the field.

“Technology must be leveraged upon to not only earn foreign exchange but to recover from the current account deficit,” the PMO said.

Pakistan’s IT sector has witnessed considerable growth in recent years, with the government enlisting the industry in its priority sectors, identified under the Strategic Trade Policy Framework (STPF) 2020-25, that seeks to enhance the country's export base.

The country’s ICT export remittances, including telecommunication and information services for the period July-November fiscal year 2021-22, surged to $1.051 billion at a growth rate of 37.57% compared to $764 million during July-November fiscal year 2020-21, revealed data released by the Ministry of Information Technology and Telecommunication.

Jul-Nov ICT export remittances increase 37.57pc to $1.05bn YoY

Facing pressure on the external front, Pakistan's economy constantly battles a widening current account deficit amid rising imports, and a decline in remittance flows has pushed the government to look for other avenues to increase its foreign currency inflow.

On Tuesday, the Federal Cabinet approved the Strategic Trade Policy Framework (STPF) 2020-25, hoping to achieve the export target of $ 57.03 billion by 2024-25.

STPF 2020-25 approved: Govt seeks to achieve $57bn export target

Meanwhile, the Prime Minister was apprised that an investment of $520 million has been committed in different projects in Islamabad Technopolis, Karachi, and Lahore Special Technology Zones under the Special Technology Zones Authority (STZA).

The meeting was attended by Industries Minister Khusro Bakhtiar, IT Minister Syed Amin ul Haque, Advisor on Finance Shaukat Tarin, SAPM on Poverty Alleviation Dr. Sania Nishtar, Chairman STZA Amer Hashmi, and other senior officials.