Caretaker Prime Minister Anwaar-ul-Haq Kakar has given his approval to the Ministry of Information Technology (IT) and Telecommunications’ comprehensive plan to introduce PayPal and Starlink to Pakistan.
In a meeting with Caretaker Minister for IT and Telecom Dr. Umar Saif, the prime minister praised the ministry for its extensive efforts in harnessing the potential of the country’s IT sector.
The prime minister also directed the Ministry of Finance, the State Bank of Pakistan, the Ministry of Trade and Commerce, the Federal Bureau of Revenue (FBR), and the Ministry of Energy to collaborate closely with the Ministry of IT on this initiative.
According to Dr. Saif, the new IT policy aims to boost digital exports by establishing dollar retention accounts and facilitating the smooth flow of funds through IT corporate debit cards.
The government plans to attract investments of up to $1 billion for various startups using venture capital.
Dr. Saif highlighted the potential of Pakistan’s IT sector, stating that digital exports could reach $10 billion with the removal of obstacles.
The new policy also aims to bring international online payment processing platforms such as PayPal and Stripe to Pakistan while creating co-working spaces for 500,000 freelancers, potentially adding $3 billion annually to the economy.
To enhance the services sector, the ministry intends to introduce training programs in line with international standards for the youth.
Dr. Saif noted that a program is already underway to train 200,000 professionals who will contribute to increasing Pakistan’s IT exports to $5 billion.
The new policy also seeks to ensure more efficient utilization of available spectrum through extensive reforms.
Moreover, the ministry plans to introduce active spectrum sharing, forward-looking taxation policies, regulations, and incentives for the telecom industry to prepare for the upcoming 5G auction within 10 months.
Dr. Saif also emphasized the significance of cell phone manufacturing in Pakistan, highlighting the country’s position as the seventh largest market for cell phones globally. Therefore, the ministry intends to incentivize local manufacturing and export of smartphones.
