China & Pakistan Collaborates to contribute in the progress of IT industry in Pakistan

Information Technology (IT) sector has stayed a major contributor to development in Pakistan and for other countries all around the world. Implementation of the digital domain has transformed the whole world and is nowadays key to success. The government of Pakistan has recently given an attractive package for the IT industry giving it a tax-free status to provide it a boost and also to attract foreign investors. Another progressive step is China- Pakistan’s cooperation in the progress of the IT industry in Pakistan. It will supplement the progress of the IT industry and both countries will together implement new strategic digital ways in Pakistan which will increase the opportunities for the people in Pakistan.

IT industry has great potential to increase economic prosperity, attract foreign investments and remittances. All these factors will help Pakistan in achieving the millennium goals and targets.

Due to Prime Minister’s great efforts in encouraging foreign investors to participate in Pakistan’s IT sector, many Chinese enterprises are now investing in Pakistan. He announced great incentives and also insured to clear the issues faced by the IT industries. He also took steps to improve the facilities so that the foreigners can send and get money easily from the countries by creating new specialized accounts for the new startups and freelancers. The new startups with these special accounts will be able to get their IT export income in US Dollars easily. Also, a rebate has been provided for the foreign IT companies to transfer home their profits. Due to the previous year’s effort, the IT industry came up with an export volume of $1.5 billion which is a sharp increase of 24% in the fiscal year 2019-2020. With the new tax relief package, the industry is expected to give the target of $3.5 billion and in next year it is projected to give an export goal of $5 billion.

The Information Technology education industry has not been left behind. Scholarships have been planned and allotted to deserving students so that they contribute in the enhancement of the development. Moreover, millions of students have been encouraged from all over Pakistan to take the course of digital skills. The women are also encouraged to participate and learn the new IT skills to stay updated and also to start their small businesses. This is another step of the government to empower the women of Pakistan.

China has always been our fast friend and its loyalty has always benefited both countries. Many other international projects between China and Pakistan like China Pakistan Economic Corridor (CPEC) and Pakistan vision 2025 have benefited both countries. This new cooperation between China and Pakistan in the IT sector is expected to open new avenues for the development and progress in Pakistan.

Also Read: Pakistan Should Streamline Tax Regime for IT Sector, Says MD SAP