Caretaker Federal Minister for Information Technology and Telecommunication Dr Umar Saif distributed annual ICT Awards 2023 among IT professionals for groundbreaking achievements and visionary contributions in the technology sector. HBL P@SHA ICT Awards 2023 featured 34 remarkable Gold Awards and 40 Merit Awards in different categories, including Artificial Intelligence, Internet of Things, Fintech, Business and Industry, etc. with a total of 727 nominees, showcasing the remarkable growth and advancements within the Pakistani tech industry. The 21st version of ICT Awards 2023 was jointly organized by the Pakistan Software Houses Association (P@SHA) and HBL late Thursday night. Addressing the ceremony Dr. Umar Saif said the government was taking multifaceted measures to accelerate the growth of Information and Communication Technology (ICT) in Pakistan. He said that though the tenure of interim government was short, “we, in the available time, will lay the foundation of sustainable measures under the right line of action, which will provide the required benefits of ICT sector to the up-coming government”. The fast developing IT sector possessed an enormous growth potential and it could play a significant role in economic stability, he said, adding that the government was doing its part to provide facilities and the industry should play its part by increasing its capabilities. Pakistan with its significant youth bulge, resources, skills, grit and every ancillary factor had a vast potential to grow in the ICT sector, the minister noted, adding that the ICT sector with steps in right direction could leave every traditional industry behind. It was evident from the fact that foreign investment in start-ups had crossed the $800 million mark while a number of global companies were investing in Pakistan, he added. Terming the establishment of Special Investment Facilitation Council (SIFC) an imperative initiative, Dr Saif said the need of a high level powerful forum was being felt for a long time that could play a central role in framing a sustainable policy and its implementation, with carrying out necessary changes when required. The SIFC, he said, had taken in two months important decisions which were awaited for years. It would surely fill the gap and realize the agenda of growth and revival of national economy, he added. The minister said the State Bank had also taken steps to facilitate the IT exporters and freelancers which included ease of opening accounts and increase in permissible retention limit of IT export proceeds from 35 percent to 50 percent in the Exporters’ Specialized Foreign Currency Accounts. He urged the IT companies, professionals and freelancers to take benefit of the incentives and contribute to the country’s foreign exchange reserves. Dr Umar Saif said that the government was mulling over introducing a standardized test to facilitate graduating students in getting internship opportunities as well as employment in industry. “We are in contact with the Higher Education Commission in this regard and soon the idea will be materialized,” he added. To facilitate the underwriting the external investment as venture capital (VC), he said, the government would also set up a Pakistan Star-ups Fund. Options were being reviewed for leveraging of resources and rerouting the capital to ICT sector by incentivizing the private sector in converting their capital from other sectors specially from real estate to the ICT industry, he added.