Prime Minister Shehbaz Sharif has recently stressed the need to increase the Country’s IT exports to $25 billion, coincidence with an investment of over $20 billion in the same field within the next two to three years. While speaking at a seminar on Information Technology, the Premier noted that the coalition government has already developed a mechanism to ensure a one-window operation to facilitate foreign and local investors. According to him, Pakistan was rich with immense youth potential and its $2.5 billion exports did not justify the national capacity, while Pakistan’s Eastern neighbor excelled in the IT Sector, and Pakistan was positioned to claim its place.
Information Technology has been largely ignored by successive Pakistani governments in the past that adversely affected Pakistan’s overall economic growth by pushing the South Asian economy to the last numbers in the region. Pakistan’s IT sector grew from scratch due to the digitalization drive of government institutions which attracted foreign firms that brought basic IT infrastructure and technical expertise in the country.
Awfully, Pakistani leaders always sought to promote their business interests through nepotism and cartelization in various fields which resulted in unsustainable growth and concentration of wealth in a limited circle of the society. The same happened in the poultry industry, solar energy, and some IT Projects in the country. On the other India timely accessed the importance of Information Technology and welcomed American Tech giants to its nation in the mid 90s. Over the year, India became the world’s second largest hub of IT industry and currently ranked as the 40th most developed IT nation with an average revenue of $ 245 billion per annum. This is the reason that India generates more revenue from its IT exports than Saudi Arabia earns through the trade of black gold.
Unfortunately, this policy gap came up with drastic outcome after 2-3 decades as the incentivized and pro-business approach of Indian rulers transformed India into a major IT hub while selfish policies and mistaken priorities of the leaders converted Pakistan into a food and energy-deficient nation that faces an imminent risk of economic default any movement in the future.
Pakistan’s IT Sector has grown on its feet over the past two decades while the government support was no more than an offer of free-of-cost IT training to the youth particularly government officials to facilitate their office work only. Interestingly, the former PTI government realized the importance of the IT industry and gave particular focus on increasing IT exports amid downgraded foreign trade in Textile, agriculture, and sports articles of the country. During the last decade, Pakistan has emerged as one of the fasted growing IT exporters in the world, as this sector provides tangible profit without leveling heavy import/ production costs to the country.
According to the statistics, Pakistan’s IT sector is currently well established and Pakistani IT startups have expertise in the creation of high-end, system integration, mobile apps, gaming, medical transcription, enterprise-grade software development, telemarketing, and other important software developments and tech services.
Pakistan’s IT industry had grown rapidly with a rate of 18% per annum over the past few years and is expected to reach $7 billion by 2023. Currently, Pakistan’s IT industry is based in Karachi, Lahore, and Islamabad and a pool of over three hundred thousand young IT professionals is the key driver of this magnificent sector. The government has started special initiatives including the constitution of the Special Investment Facilitation Council (SIFC), the Digiskill training program, and other endeavors to attract foreign investors, encourage local youth and young entrepreneurs to make their future in this industry. At the same time, young Pakistani IT Professionals, entrepreneurs, and freelancers are making history through their active contribution toward the economic revival of the country.
Currently, over 60% of youth out of the 220 million strong Pakistani nation is the real hope of the country, which will contribute immensely toward the promotion of the IT sector and economic revival of the country if they trained and utilized sufficiently. The incumbent coalition government has made significant endeavors to develop IT infrastructure and boost IT exports in the country. As said, several Gulf countries are willing to invest in Pakistan to mutually harvest the tremendous untapped potential in the IT sector. Meanwhile, a one-window operation has been launched by the government to facilitate potential investors without any delay.
Realistically, the future of the nation lies in Information Technology, Industrial growth, and overall revival of the economic and trade activities in the country. Pakistani leaders always fell victim to the restrictive/ reserved strategies of bureaucracy that often resisted modern innovations and the latest technologies that seriously undermined the economic interests of the nation in the long run.
Earlier, Pakistani leaders missed the magnificent opportunity for an IT revolution, currently our nation lags behind in digital currency and blockchain technology, which incurs billions of dollar loss to the country at this point in time. It is high time, that Pakistani Strategists prepare themselves to compete with the challenges of the contemporary world instead of turning a blind eye from realities of the modern society. So, this country gains it’s due prestige in the community of the nations around the globe.
