An IT ministry official said investment in Pakistan’s start-ups is rocketing and they have raised approximately US$373 million which is about five times bigger than US$75million investment last year. The government, he said, is taking steps to create a business-conducive environment to attract Foreign Direct Investment(FDI) and promote entrepreneurship culture in the country.

According to him, the Ministry of Information Technology is creating an enabling environment for start-up ecosystem players in order to attract FDI. According to him, not only has the production of main crops risen in the last year, but so has the export of IT and related services. According to him, Pakistan's IT sector generated around 1% of the country's GDP, or about US$3.5 billion. He said that two million young people were being taught in various high-tech courses relating to online freelancing through digi skills programmes. He said that phase two had begun.

According to a State Bank report, he said, freelancing exports had reached $396 million with an increase of 85pc under the National Incubation Programmes, 111,000 jobs had been created and memorandums had been signed for investment of Rs9.46 billion while revenue of Rs4.47 billion had been generated. More than 2,000 employment opportunities were created under the Tech Innovation Grants while around Rs700 million of investment and Rs350 million of revenue were achieved.

“We have crossed a $2.6 billion mark of IT and related skills till June 30, 2022, while the establishment of 40 Software Technology Parks (STPs) in different districts under the Public Private Partnership across the country is underway. Thirty have been established,” he said. All associated processes for the building of state-of-the-art IT parks in Karachi and Islamabad, at a total cost of Rs40 billion, have been completed. IT training is being provided at all of the country's universities.

From July 1, 2018, to March 30, 2022, the volume of FDI in the telecom industry was $6.10 billion, with Rs163.3 billion paid in the national exchequer as tax. The telecom industry's overall volume has hit $16.90 billion. The number of active mobile SIMs in the nation had reached 195 million by March 2022, thanks to telecom industry reforms and numerous government measures. The number of mobile and fixed broadband subscribers in the country had reached 119 million by June 2022 and the number of users using 3G and 4G had reached 116 million, he added.

Credit: Independent News Pakistan-WealthPk