Caretaker Prime Minister Anwaar-ul-Haq Kakar has endorsed the Ministry of Information and Technology (IT) and Telecommunications' proposal for bringing Starlink and PayPal to Pakistan.
In his discussion with caretaker Minister for IT and Telecommunications Dr. Umar Saif, the premier praised the ministry for its all-encompassing initiatives designed to unlock the limitless potential of the IT sector.
The Federal Bureau of Revenue (FBR), the Ministry of Energy, the Ministry of Trade and Commerce, and the State Bank of Pakistan were also given instructions by the prime minister to work with the Ministry of IT on this subject.
Dr. Saif said that the new IT strategy seeks to increase the country’s digital exports by institutionalizing dollar retention accounts and facilitating a simple flow of funds through IT corporate debit cards.
The government intends to use venture capital to raise funding for various firms totaling up to $1 billion.
The minister highlighted Pakistan's potential in the IT industry, saying that if the barriers are properly handled and removed, digital exports from Pakistan may approach the $10 billion level.
The minister said that the new program also seeks to introduce international online payment processing firms PayPal and Stripe to Pakistan and create co-working spaces for 500,000 independent contractors to raise their potential to an extra $3 billion annually.
According to Dr. Saif, the ministry intends to launch training courses for young people in the services industry that would be in accordance with international norms.
The minister said, "We have already started the program for the training of 200,000 professionals who will help increase Pakistan's IT exports to up to $5 billion."
"Through comprehensive reforms in this area, the new policy also intends to guarantee improved and effective use of the spectrum that is now accessible," he added.
The ministry also intends to create proactive taxation policies, rules, and incentives for the telecom sector in order to get ready for the impending 5G auction within the next ten months, the minister said.
Speaking about the country's mobile phone industry, Dr. Saif noted that Pakistan is the seventh-largest market worldwide; hence, the ministry plans to encourage domestic production and export of smartphones.