Caretaker Minister for Information Technology and Telecommunication, Dr. Umar Saif said on Monday that international investors could greatly benefit from investing in Pakistan’s digital banking, FinTech, AgriTech, and telecom infrastructure sectors.
Speaking at the inaugural session of the Global Information Technology Exhibition in Dubai, he said international investors can take advantage of various incentives in Pakistan, including tax concessions and a 100% ownership rights regime.
Running from October 16 to 20, the Dubai Global Exhibition features delegates from 170 countries, representing over 6,000 IT companies.
Dr. Saif said that 85% of Pakistan’s population does not have bank accounts and prefers to use cash or alternative means for transactions. This presents an excellent opportunity for offering suitable digital payment solutions.
The minister said Pakistan is an attractive market for payment companies like PayPal due to its potential for generating billions in revenue.
He also pointed out that Pakistan’s strength lies in its youthful population, with 65% of its people under the age of 30.
“Worldwide, Pakistan’s IT talent and its strategic geographical position present tremendous opportunities,” said Dr. Saif. “Despite facing challenges, Pakistan is rapidly advancing in the field of technology,” he added.
Dr. Saif highlighted that Pakistan’s IT companies offer valuable experiences and high-quality services that can benefit global markets.
Pakistan’s extensive telecommunications sector, with 192 million cellular subscribers, offers a vast market for investment.
The Minister also mentioned that the next phase will involve the production of batteries and other device components, further expanding the investment horizons in Pakistan.
Officials from the Pakistan Software Export Board, Agnate, and the Pakistan Software Houses Association also attended the event.
As many as 54 IT companies and 30 startups from Pakistan are also participating in the Dubai Global Exhibition, underscoring Pakistan’s presence in the global tech landscape.