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IT sector contributes US $ 3.5 bln to national economy: Amin Ul Haque

IT sector contributes US $ 3.5 bln to national economy: Amin Ul Haque

ISLAMABAD: Minister for Information Technology and Telecommunication Syed Amin Ul Haque has said that the Information Technology exports witnessed robust growth, contributing US $ 3.5 billion to the national economy, equivalent to 1% of the country’s Gross Domestic Products (GDP).

“During the outgoing financial year, an increase was observed not only in the yield of major crops but also in IT and ITeS exports. The IT Sector of Pakistan is contributing almost 1% of the GDP or almost around US $ 3.5 billion,” he expressed these views while addressing a launching of 7th National Incubation Center (NIC) in Hyderabad.

IT sector contributes US $ 3.5 bln to national economy: Amin Ul Haque

The agreement was signed by CEO Ignite, Asim Shahryar Husain and Vice Chancellor, University of Sindh Jamshoro Hyderabad, Dr. Muhammad Siddique Kalhoro. The ceremony was attended by MQM Member National Assembly Engineer Sabir Hussain Qaimkhani, Federal Secretary for IT and Telecom, Dr. Muhammad Sohail Rajput, officials from IT Ministry, Ignite, University of Sindh, Academia, Business communities and others personalities from to IT Industries.

On the occasion, Syed Amin Ul Haque said that the Ministry of IT and Telecom through its Organization Ignite-National Technology Fund has already established five NICs, one each at Islamabad, Karachi, Quetta, Lahore and Peshawar while the 6th NIC is being established in Faisalabad which will focus the Agri-Tech.

In accordance with the government’s vision for digital Pakistan and provision of an enabling environment for potential entrepreneurs, more NICs are being established in second tier cities and incubators in Health-Tech, Gaming and Animation and Electronics.

Therefore, to move forward, National Incubation Center (NIC) is being established at Hyderabad to improve the effectiveness of variety of industries including agriculture, livestock, ornamental industrial products, textile, sugar, cement etc. located at Hyderabad & its adjacent areas, he added.

“Establishment of National Incubation Center at Hyderabad has become a dire need for youth of Hyderabad and its surrounding rural & urban areas to transform traditional business approach into an innovative tech-oriented form,” Haque said.

The World Economic Forum’s global crises report 2021had indicated that the World could face many risks and threats pertaining to price instability, debt crises, commodity shocks, digital power concentration and digital inequality, the minister said.

However, he said that despite all of the challenges, Pakistan achieved a decent economic growth in 2021 despite those risks. This is due to the effective implementation of government policies and vision of the present government for prosperous Pakistan.

Syed Amin Ul Haque further said that, his ministry is providing an enabling environment for all stakeholders of startup ecosystem to promote startup culture and attract foreign investments.

Moreover, State Bank of Pakistan and the Securities and Exchange Commission of Pakistan have also relaxed rules for attracting investment in technology-based business solutions. “As a result of these steps, investments in Pakistani startups have been at skyrocketing during 2021 and almost US $ 373 million have been raised by Pakistani startup, which is almost 5 times higher than last year’s investment of US $ 75 million” he added.

The Minister congratulated Secretary IT & Telecom and CEO, Ignite to sign the agreement with University of Sindh for provision of space at Elsa Kazi Campus for establishment of National Incubation Center, Hyderabad.

He also congratulated Vice Chancellor, University of Sindh in entering an agreement with Ignite for establishment of NIC-Hyderabad.

Federal Secretary for IT and Telecom, Dr. Muhammad Sohail Rajput, said that there is an enormous potential in country’s youth and the government is leveraging an enabling environment so that they can contribute towards national economy.

VC, Dr. Muhammad Siddique on the occasion said the establishment of NIC is highly a praiseworthy step of the GoP to fill-up this need.

The VC thanked the Federal Minister for IT and his team for their kind efforts