Pakistan Software Export Board (PSEB) and Texas Trade Council (TTC) of USA signed a MoU here on Thursday, which is a USA based program that aims at investing $500 million in Pakistan. Yousif Hussain of PSEB and Faisal Amin on behalf of TTC have signed the MoU.
Farukh Qayyum, Federal Secretary for Information Technology and US Honorary Investment Consular were also present on the occasion.
According to Farrakh Qayyum Texas Emerging Technology funded by TTC is a program designed to grow the economy in the long-term basis by expediting the new technological development and creating jobs in the field. "The purpose of MoU is to promote mutual trade in the field of Information Technology between Pakistan and Texas and also establish educational and industrial development programs," he told the audience.
Highlighting the importance of MoU he said that this MoU would help USA to identify opportunities for investments, technical partnerships, international business development and collaborative research with Pakistani companies as well as educational institutions. IT industry of Pakistan provides the most favourable avenue for foreign investment that would lead to acquire new technological advancement.
PSEB is a government agency mandated to promote Pakistan's IT industry including software, services, hardware and call centers locally and globally. Pakistan's IT exports crossed USD one billion in the last year. It has been facilitating the IT industry through its programs in many areas including Human Capital, Office Space, Marketing, Company Capability Development, Telecom Bandwidth, Industry Finance, Public Policy, Strategy & Research and Facilitation.