Govt set on launching 5G by December 2022: IT minister

KARACHI: The government was set to launch 5G services across the country by December 2022, and was already fast tracking consultations with relevant stakeholders to achieve the fiat, the IT minister said on Thursday.

Minister for Information Technology and Telecommunication Syed Amin Ul Haque said, “We are in contact with the relevant stakeholders and progressing fast. Hopefully we will be able to launch 5G by the end of 2022.”

Pakistan achieved the fastest internet data rate with download speeds reaching 1.685 gigabits per second in a limited environment on a non-commercial basis during a 5G trial by PTCL Group on February 11.

The minister was at the Pakistan Stock Exchange (PSX) venue to attend the signing of a memorandum of understanding between the stock exchange and the Pakistan Software Export Board (PSEB) to facilitate IT / ITeS companies for listing at the local bourse for raising capital and increasing international reach.

Haque said the MOU was a giant leap forward for the development of Pakistan’s IT industry. This was the first ever MOU signed between PSEB and PSX.

“The goal is to increase the number of listed technology companies on PSX Main Board and Growth Enterprise Market (GEM) Board, which would in turn help to strengthen financial ecosystem for IT sector growth and contribute to efforts for building a strong brand image of Pakistan’s IT industry in the international markets.”

The MOU was signed by PSEB Managing Director Osman Nasir and PSX CEO and Managing Director Farrukh H Khan.

PSEB’s Nasir said they aimed to have 40 technology companies registered on PSX, for which it would extend significant financial and technical assistance.

Secretary IT Shoaib Ahmed Siddiqui said that one of the main factors impeding the growth of Pakistan’s IT sector was access to capital. Pakistani tech companies that get listed on PSX would be able to raise funds by issuing shares, which could subsequently be used for further business expansion.

“By listing on the stock exchange, a company gains instant credibility and stature with the prospective clients and suppliers. This is a significant advantage particularly for Pakistani tech companies as it makes it easier to solicit overseas customers due to increased credibility that comes from being listed,” he added.

PSX CEO said that the PSX’s GEM Board facilitates small and medium sized enterprises, greenfield projects and tech start-ups with listing at the exchange and with raising capital. “The listing regulations for the GEM Board have been made flexible vis a vis the main board while listing costs are significantly lower,” he added.