Pakistan to earn $7 bn through IT sector: BoI

DUBAI: Pakistan would earn around $7 billion through the Information Technology sector in the next two to four years, Secretary Board of Investment (BoI) Pakistan Fareena Mazhar elaborated in a seminar held at the Pakistan Pavilion in Dubai Expo 2020.

The Board of Investment (BoI) on Sunday organized an Investment Promotion seminar to apprise the potential foreign investors of investment policies and potential in Pakistan. The theme of the seminar was Investment Opportunities in Pakistan in the field of Education and Innovation Technologies.

The secretary apprised the audience of the Information Technology sector being one of the fastest-growing sectors of Pakistan, contributing around 1pc to the GDP of the country at about $3.5 billion. She added that it doubled in the past couple of years, and experts expect it to grow further at 100pc in the next two to four years to $7 billion.

Speaking with The News, Fareena Mazhar said the government made the income from the IT sector tax-free till 2025, so excellent profit margins and conducive environment for business in Pakistan can be compared with other parts of the world.

“More than 70 investment projects are being shown and displayed in Pakistan Pavilion, Dubai Expo 2020 to attract foreign investment,” she said. Highlighting the current era of business, she said that the world is more focusing on E-commerce and online marketplaces following post Covid-19 and Pakistan’s young talent in the IT sector can be utilised for promoting and establishing businesses. "Pakistan's IT market is full of qualified people who are equipped to cater to the needs of the market at relatively low costs,” said Fareena Mazhar.

Further elaborating on freelance development, she shared that the country has been ranked at number four for freelance development globally, and digital growth in Pakistan is going through a rapid evolution. She assured that the Government of Pakistan is committed to protecting and encouraging foreign investment and that the Board of Investment will facilitate the investors and help them execute their investments. Many foreign investors and overseas Pakistanis attended the seminar and expressed interest in the existing opportunities in Pakistan.

Managing Director Ecolean Pakistan Peter Hauggaard explained his story of shifting from Europe to Lahore and cheerfully talked about the high business potential and extraordinary environment in Pakistan. “The Swedish company offered me an opportunity to work in Pakistan, so I instantly accepted and never hesitated”, Peter Hauggaard informed The News. Asked if he would recommend foreign businessmen to invest in Pakistan, Swedish national Peter Hauggaard replied in two word, “Absolutely, Undoubtedly”.