Govt Unveils Bold Plan to Revitalize IT and Telecom Sectors

The caretaker federal government made a bold plan to revitalize Pakistan’s IT and telecom sectors. These actions will address primary issues and pave the way for prospective foreign investment. These initiatives and conversations will revive significant industries and promote economic growth through wise investments and reforms.

To encourage equity and justice, the government has decided to put the power cost for the telecom industry in line with other industries. Moreover, the government will give a 5% cash bonus on IT exports from the previous year to motivate IT companies and support the sector.

Govt Unveils Bold Plan to Revitalize IT and Telecom Sectors

See Also: Game Changer: PSEB Enhances IT Export Framework in Pakistan

There is a recognized need to close the talent gap in the IT industry. To upskill the workforce, collaborations between government and academia are encouraged.

Additionally, Saudi Arabia, the UAE, and Qatar have expressed interest in funding IT initiatives and hiring Pakistani IT specialists.

A number of measures are being examined as facilitation to help IT enterprises. These include allowing IT companies to retain 100% of their USD earnings, enabling digital currency transfers internationally, and providing exceptional interest rates on local USD accounts.

The government has also developed plans for fixed taxes for PSEB-registered IT exporters. Moreover, it is also developing an online dispute-resolution system to promote efficiency and stability.

Regulations on financing smartphones and an increase in the R&D allowance for mobile phone manufacture will probably promote innovation and accessibility. The government intends to create a framework for the procurement of cloud services and designate locations with the necessary infrastructure.

The government will also introduce a Special Purpose Company for the promotion and facilitation of investments.

As agriculture undergoes technical advancements, it will become more important than ever to have access to loans, crop insurance, and improved seeds, fertilizers, and irrigation systems.

See Also: Local Telecom Advancement: PTA Issues LDI License to Another Local Telecom Firm

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Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

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