IT industry and need for regulation

Prime Minister Shehbaz Sharif has recently convened a high-level meeting to review the performance of the IT and Telecommunication Sectors in the country. The Premier emphasized the swift resolution of all issues being faced by start-ups, freelancers, and IT companies relating to banking, registration and other legal and administrative formalities. According to him, the government would take steps to fully avail potential for IT exports, besides, the young people would be provided with the required facilities of education, skills development, start-ups and entrepreneurship. Prime Minister Shehbaz directed the formulation of a roadmap to harness Pakistan’s billion-dollar potential in IT exports.

Pakistan’s IT sector has tremendous potential for growth, innovations, and exports wherein Pakistani youth have the talent to achieve their due space in the current increasingly competitive environment in the world. The concerted efforts of policymakers, industry stakeholders, and educational institutions are contributing to its positive trajectory. Initiated by the PTI government in mid- 2021, the successive Pakistani governments have made concerted efforts to develop Pakistan’s IT infrastructure and boost Pakistani exports in this lucrative field. Presently, Pakistan IT exports stands at $ 2.6 billion, which is likely to reach $5 billion next year through addition of another 200,000 skilled workforce in this field.

Pakistan unveiled its first-ever IT export strategy last year, which aims at substantial growth of IT Products and services worth over $10 billion annually in the upcoming years. Pakistan’s IT industry showcased its talents on the global stage at the Leap 2024 Saudi-Pak Tech Exhibition, which is currently underway in Riyadh, Saudi Arabia. This high profile forum was organized by Pakistan Software Houses Association in collaboration with Special Investment Facilitation Council (SIFC), Pakistan Software Export Board (PSEB) and Pakistan Embassy in Riyadh. Wherein, Pakistan IT Industry is being represented by 74 companies and over 800 delegates from across the country.

Currently, Pakistan IT Industry is at its outset, while the government and concerned departments are making concerted efforts to achieve excel in this domain. There is a need for strict compliance of international standards, quality control and branding at the global level through recognition from the global IT Industry. So, this national endeavor earns great fame and acceptance worldwide.