CHAIRING the 5th meeting of the Board of Governors of the Special Technology Zones Authority, Caretaker Prime Minister Anwaarul Haq Kakar reiterated the government’s commitment to boosting foreign investment in Information Technology (IT). The focus on the IT sector is a step in the right direction, given its immense potential for economic growth. However, it is imperative that tangible actions follow to substantiate the government’s expressed commitment.
With a large and youthful population, the country undoubtedly has a demographic advantage that can be leveraged to propel the IT industry forward. In recent years, the global IT landscape has demonstrated the transformative power of technology and Pakistan has an opportunity to carve out its niche in this rapidly evolving sector. While India’s IT exports reached a staggering $178 billion last year, ours remain at a modest $4 to $5 billion. Hence, we must also adopt strategies that attract foreign investment, foster innovation and nurture a conducive environment for IT professionals and companies. This will go a long way in addressing our economic woes. Firstly, the government should consider implementing incentives, with tax breaks being a key component. Offering tax incentives to foreign IT firms can encourage them to establish a presence in the country, leading to job creation, knowledge transfer and the overall growth of the sector. Then there is a need to focus on producing more IT graduates. Currently, Pakistan produces roughly around 35,000 IT graduates annually, a figure that falls short of meeting the burgeoning demand. To address this shortfall, the government should channel resources into strengthening IT education and skill development programs. This includes updating curricula to align with industry requirements, investing in state-of-the-art technology infrastructure in educational institutions, and fostering collaborations between academia and industry to provide students with practical exposure. While increasing the number of graduates is crucial, it is equally important to ensure the quality of education. Emphasis should be placed on practical skills, problem-solving abilities, and entrepreneurship training. This will empower IT graduates not only to secure jobs but also to venture into entrepreneurship, creating a culture of innovation and self-sufficiency.
