The Ministry of Information Technology and Telecommunication (MOITT) is implementing a series of measures to expedite the growth of information and communication technology (ICT) in the country.
An official from the IT ministry said that the rapidly developing IT sector holds immense growth potential and could play a significant role in stabilizing the country’s economy.
The official said that while the government is actively providing facilities, it is crucial for the industry to enhance its capabilities.
Highlighting Pakistan’s significant youth population, resources, skills, and determination, he noted the vast potential for growth in the ICT sector. With the right steps, the ICT sector has the potential to outpace traditional industries, he added.
Foreign investment in startups has already surpassed the $800 million mark, indicating the growing interest of global companies in Pakistan. The government is contemplating the introduction of a standardized test to facilitate graduating students in securing internship opportunities and employment in the industry.
To support external investment through venture capital (VC), the government plans to establish a Pakistan Start-ups Fund. Options are under consideration to redirect capital from other sectors, particularly real estate, to the ICT industry by incentivizing the private sector.
The official further highlighted the rapid growth of the IT sector in Pakistan, with the number of IT companies exceeding 19,000, and the expansion of 4G connectivity across the country.—APP
