Tag: Technology Growth

  • Pakistan sets sights on $5 billion smartphone exports by 2029

    Pakistan sets sights on $5 billion smartphone exports by 2029

    Pakistan’s mobile phone industry is experiencing a significant boom, with plans to export smartphones worth $500 million in the next two years and an ambitious target of $5 billion in the next five years, according to the Federal Minister of IT and Telecom, Dr Umar Saif.

    The announcement was made during the Pakistan Mobile Summit 2024, a collaborative effort between the Ministry of IT and Telecom and mobile phone manufacturers.

    Dr Umar Saif, speaking at the summit, drew parallels with neighbouring India, which currently exports mobile phones worth $10 billion annually.

    He expressed confidence in enhancing Pakistan’s presence in the global mobile phone market and outlined steps being taken to boost smartphone exports manufactured within the country.

    During the summit, the minister disclosed that 35 companies have been licenced to assemble smartphones of different brands.

    Furthermore, a comprehensive policy is in the works to facilitate the local production of complete phones and some of their components.

    This initiative is expected to not only strengthen the local industry but also contribute significantly to Pakistan’s standing in the international mobile phone market.

    Dr Saif highlighted the progress made so far, indicating that approximately 90 million mobile phones have been assembled in Pakistan over the past two years.

    Additionally, the country has successfully exported around 250,000 mobile phones, amounting to a value of $15 million. These figures showcase the growing capabilities of Pakistan’s mobile phone manufacturing sector.

    The minister emphasised the need for sustained efforts to capitalise on the industry’s potential and underscored the importance of innovation and competitiveness to further enhance Pakistan’s share in the global market.

    As the country moves forward, there is a concerted push to not only meet but surpass the set export targets, contributing significantly to the national economy and establishing Pakistan as a key player in the international mobile phone industry.

    The success and growth of the mobile phone industry align with the government’s broader vision for economic development and technological advancement, showcasing Pakistan as a competitive player in the global digital landscape.

  • Pakistan welcomes PayPal through strategic alliance

    Pakistan welcomes PayPal through strategic alliance

    In a groundbreaking move for Pakistan’s burgeoning freelance community, PayPal is set to establish its presence in the country through a strategic partnership with an existing international payment gateway.

    The joint venture announcement is anticipated for next week, marking a significant milestone for the approximately 1.5 million freelancers and IT professionals in Pakistan, making it the fourth-largest community globally.

    Caretaker Minister for IT and Telecom, Dr Umar Saif, confirmed that PayPal would operate indirectly in Pakistan through this collaboration. This development follows persistent efforts by previous governments to convince PayPal to operate within the country, which initially faced resistance citing security concerns.

    Dr Saif emphasised the positive impact of this move on IT exports and freelancer remittances, underscoring recent measures supporting a more liberal financial regime. He revealed that IT exports have already experienced a notable surge, with a 13 per cent increase in November alone, and expressed confidence that this growth trajectory will continue.

    The IT Ministry, under Dr Saif’s leadership, has implemented various initiatives to bolster the IT sector. These include providing smartphones through installment plans, standardising quality tests for IT graduates, and approving the National Space Policy. Dr Saif expressed optimism about launching 5G services in Pakistan by July 2024, with a spectrum auction offering 300 MHz.

    The government aims to boost IT exports from the current $2.6 billion to approximately $5 billion by facilitating a more liberal financial regime. As part of this effort, IT companies can now retain 50 per cent of their export revenue in dollars in a local account, simplifying international payments.

    In addition to these measures, the government plans to launch 10,000 e-Rozgar centres across the country, providing facilities for freelancers and start-ups. The recently approved National Space Policy allows companies to utilise low-orbit satellites for communication services, further enhancing the technological landscape in Pakistan.

    The upcoming joint venture between PayPal and an international payment gateway is expected to usher in a new era of financial opportunities for Pakistan’s freelancers and IT professionals, contributing significantly to the country’s economic growth and global standing in the IT sector.