By Irfan Ahmed ISLAMABAD, Feb. 15 (INP-WealthPK): The Global System for Mobile Communications Association (GSMA) has projected that Pakistan's mobile industry will generate $24 billion in revenue, accounting for 6.6% of the country's total GDP by 2023. According to the GSMA, mobile technology and services are estimated to contribute $860 billion to the global economy by 2023. The GSMA works with the country's Universal Service Fund (USF) to close the digital divide and improve internet access. The mobile market in Pakistan is presently valued at $2.3-2.5 billion per year. Given the rise of mobile phone usage, the market is predicted to increase by 15-20% on a year-on-year basis. Pakistan is well on course to becoming a fully digital society, enabling people to gain new skills for new occupations, providing small and medium-sized businesses with access to new markets, and attracting investments. This will ultimately help meet the goals of Digital Pakistan and continue the country’s digital transformation. Pakistan's IT and telecom industry is becoming a role model for other nations as IT exports reached $830 million in the July-October period of the fiscal year 2021-22. The IT industry has the potential to improve the country’s economic outlook and contribute to the realisation of Sustainable Development Goals. Pakistan is well positioned to play a significant role in the global economy over the next decade by employing the talents of over 100 million individuals under the age of 25. The last decade has also seen rapid development in Pakistan’s mobile market. SOURCE: GSMA Intelligence Pakistan has a well-designed USF that has aided in the expansion of network coverage in Pakistan's distant locations. The USF has spent roughly $526 million in the last decade to facilitate the spread of telecommunications infrastructure and services to underserved parts of the country. The USF made contractual commitments to service providers totaling over $142 million in the fiscal year 2020-21 to expand coverage to an additional 10 million residents. Pakistan has also reduced taxes to help the mobile industry's development. To improve ease of doing business, the government has gradually lowered the Advance Income Tax from 12.5% to 10% in the current fiscal year and plans to further decrease it to 8% in the budget 2022-23. It has already eliminated the SIM issuance tax and lowered the withholding tax. The establishment of smartphone development facilities and increasing of electronic equipment production has led to job creation. The industry generated about 10,000 jobs in the first seven months of 2021. The mobile industry in Pakistan, directly and indirectly, employs approximately 450,000 people. The local manufacturing of mobile phones will enable affordability for users, and exports as well. SOURCE: GSMA Intelligence The mobile sector will continue to make important contributions to the economy through wider network coverage and rapid adoption of 4G/5G services. According to a report of the Mobile Economy Asia Pacific 2021, “Pakistan’s mobile market has significant potential, but current levels of smartphone adoption and usage of digital services lag behind that of other countries in the region. Certain government decisions may have slowed Pakistan's digital development and hampered the expansion of online economy.” The report, however, noted that authorities are committed to achieving growth and increasing citizens’ access to high-quality connectivity. As Pakistan continues to transform into a digital society, further actions are required. In particular, the development of mobile networks to reach even more citizens and offer a better quality of service is needed. Digital inclusion, which is one of Pakistan's digital policy objectives, will be achieved through a well-thought-out plan aimed at attracting investments in the mobile industry.