CEO of Pakistan’s national technology fund said that by 2020 country’s IT industry is set to double, increasing from the current worth of $3.5 billion to $7 billion. Start-ups funding will increase six-fold as the trend for entrepreneurship picks up in the country. CEO Ignite sets Ambitious IT Industry’s Targets for 2020.
Currently, Pakistani start-ups get only $50 million in annual funding, however in 2020 it is expected to reach $300 million per year.
CEO Ignite sets Ambitious IT Industry’s Targets for 2020
Mr. Hussain said that Pakistan’s exports are divided into four groups. According to the State Bank of Pakistan (SBP), Pakistan’s software exports are currently worth $700 million, However, the country’s freelancers are also earning $1.2 billion in exports, as they are not registered, that’s why this amount is not recorded by the central bank. Another $600 million in exports are from companies which do not bring their revenues to Pakistan, while the hardware and software industry in Pakistan is worth around $1 billion.
He also highlighted that People in Pakistan fear that automation and artificial intelligence will eat up human jobs, but there will be new jobs which will require more creativeness and innovation.
CEO Ignite, Mr. Hussain said that in Pakistan there are no business tycoons venture into the IT industry, while Google, IBM and Microsoft have their local office in India. It has been seen that Pakistani businessman invest more in real estate and Gold. But recently, big business groups are promoting startups in Pakistan which is a good sign for IT industry in Pakistan.