Govt. Taking Measures To Facilitates IT Industry: Minister

Caretaker Federal Minister for IT & Telecommunication Dr. Umar Saif Thursday said that the government was taking various steps to provide all possible facilities to the Information Technology and Telecom industry

ISLAMABAD, (UrduPoint / Pakistan Point News - 26th Oct, 2023) Caretaker Federal Minister for IT & Telecommunication Dr. Umar Saif Thursday said that the government was taking various steps to provide all possible facilities to the Information Technology and Telecom industry.

“No doubt about the potential in Pakistan's IT sector, the industry is playing a significant role in the stability of the country's economy, the government is taking steps to provide all possible facilities to the IT industry” he said, while addressing the Memorandum of Understanding (MoU) signing ceremony for strategic partnership between HBL and Pakistan Software Houses Association (P@SHA)

The minister said there was a need to be Brand Pakistan and marketed globally in the desired manner.

Dr. Umar Saif further said, “I am delighted to be part of the event and hope that this collaboration will play a vital role and fostering the growth and development of the IT sector domestically and internationally.”

Mentioning the role of the Special Investment Facilitation Council (SIFC), he said that all required facilities were being provided to boost the IT & Telecom sector.

Dr. Saif highlighted the SIFC’s recent decision that IT companies could now retain 50% of their revenue in US dollar accounts. These companies will also be provided with corporate debit cards by the banks, which can be freely used to make international payments.

This step, he said, had been taken on the recommendation of the IT industry (P@SHA) and aimed to encourage the Information Technology (IT) and IT-enabled Services (ITeS) to boost export earnings and bring additional foreign exchange into the country.

As per the MoU, HBL, Pakistan’s Best Bank, has entered a multi-year partnership with the Pakistan Software Houses Association (P@SHA), the country’s only IT industry association, to support them in launching a series of impactful engagements locally and globally.

Through this collaboration, HBL aims to support P@SHA in positioning Pakistan as a growing tech destination in the global market. The bank’s extensive collaboration with stakeholders has given it a deep understanding of the industry’s needs, enabling it to offer tailored financial solutions.

Commenting on the initiative, Muhammad Aurangzeb, President & CEO – HBL, said, “We believe that the IT industry has the potential to be a major driver of economic growth and job creation in Pakistan. This collaboration is a testament to our commitment to becoming a ‘Technology Company with a Banking License’.

It will provide an opportunity for HBL to engage with key stakeholders in the IT, freelancer, software, and gaming industry and showcase its innovative financial solutions and services that can meet the specific needs of the IT sector.”

Speaking at the occasion, Muhammad Zohaib Khan, Chairman – P@SHA, said: “With HBL by our side, P@SHA is ready to embark on a transformative journey for Pakistan's tech landscape. This strategic partnership will propel us toward realizing our vision of making Pakistan a hub for technology excellence. Together, we will open new doors of opportunity, innovation, and global recognition for our IT industry.”