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Pakistan has potential of $10 billion IT exports, 1 million new jobs

January 19, 2021

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Overseas Investors Chamber of Commerce & Industry (OICCI) has recently published “Recommendations for Digital Economy” report signifying the much-needed transformation to take advantage of the digital age opportunities taking place globally through the mindset of a new economy.

As per the report, By digitizing most sectors of the economy, IT exports can be increased to $ 10 billion per year, generate substantial GDP growth, attract billions of dollars in foreign direct investment, and create hundreds of thousands of new jobs in no time.

The Overseas Investors’ Chamber of Commerce and Industry (OICCI) includes some of the best-known multinational corporations, including IBM, SAP and Teradata, who have also been active in the development of these digital economy guidelines and have offered a comprehensive, resource-intensive technology training program.

The industry-specific online programs in which the government only needs to invest in tracking, adopting and hosting a single program office located within the Ministry of Information Technology. The OICCI Digital Guidelines highlight the importance of shifting to skills development from graduate degrees to ensure the fruitful and effective participation of Pakistani talent in a new economy that is growing faster and attracting capital around the world.

Highlighting the potential for IT exports, OICCI President Harun Rashid commented: “While Pakistan’s IT exports do not exceed US $ 1-2 billion, the Philippines, where half of Pakistan’s population exports IT services, is about 30%. $ 1 billion, while India exports over $ 190 billion in information technology, and many other Asian countries are also ahead of Pakistan, which should be a serious concern for the authorities, but at the same time could be a catalyst because Pakistan has great potential to increase their IT exports. With short-term focus, medium-term strategy and implementation by key stakeholders as recommended in the OICCI Digital Economy Recommendations Report.

The OICCI report also highlights the importance of stable and inclusive regulatory practices to ensure the effective participation of global players in the platform economy in order to attract foreign direct investment, have a significant positive impact on GDP growth and connect Pakistan to global e-commerce and creative economy opportunities.

The OICCI expressed its appreciation for the Special Technology Zones recently opened by the Prime Minister, which we hope will benefit the country in the medium to long term. However, for immediate benefit, OICCI recommended creating a digital mechanism for ease of doing PPP business to quickly leverage 5-10 million square feet of space through virtual credentials.

The OICCI report highlights the potential for foreign direct investment by creating an enabling environment for investment in a high-tech platform and ecosystem so that Pakistan can attract players to the global IT platform and fund venture capital to accelerate innovation. OICCI’s digital guidelines cover six main areas: 1) communication, 2) digital financial system, 3) export growth and digital skills, 4) e-commerce platforms and ecosystem, 5) regulatory environment and innovation, and 6) digital governance and civil services …

With a significantly improved security environment and low operating costs following the massive devaluation of PKR, OICCI reiterated the need for sustained and structured efforts to improve Pakistan’s global image. As an attractive destination for foreign direct investment, including for large international technology players