Daily Times

The Overseas Investors Chamber of Commerce and Industry (OICCI) affirmed its commitment to advancing Pakistan’s IT and telecom sectors at ITCN Asia 2024, a Tech Festival on Thursday.

In a keynote address, OICCI President Rehan Shaikh shared an optimistic vision for the future, underlining the significant potential in Pakistan for growth in IT and IT-enabled Services (ITeS), optimization of which can lead to a substantial boost in the domestic industry as well as export revenues.

He underscored OICCI’s longstanding role as the oldest and most prominent chamber of commerce in Pakistan, representing 200+ multinational companies (MNCs) and contributing a substantial portion of the country’s economic growth.

He emphasized the critical importance of a robust IT ecosystem, not just as a catalyst for business efficiency but as a cornerstone for attracting foreign direct investment (FDI) and driving sustainable economic growth in Pakistan. “What we need is a sustainable environment, and we need a platform that helps us to put those policies in place,” he added. However, he also highlighted the challenges that need to be addressed to propel Pakistan onto the global stage in the IT sector. These challenges included bridging the skills gap in specialized areas like AI, cybersecurity, improving infrastructure, and ensuring consistent investment and policy support.

He said that investing in and prioritizing IT services was sending a strong message to global investors that Pakistan was not only open for business but also ready to support complex, high-tech operations in a climate conducive to innovation and growth.

Shaikh projected that Pakistan’s IT/ITeS export revenues could expand to between $10-18 billion by 2028, while the domestic IT industry has the potential to grow to over $6 billion annually.

Furthermore, he emphasized the transformative potential of digitalization, which could unlock an annual economic value of $35 billion by 2030. By digitizing key sectors such as SMEs and agriculture, which constitute nearly two-thirds of Pakistan’s GDP, the country could significantly increase its GDP, employment rates, and exports.

He praised the State Bank of Pakistan’s efforts, particularly in executing the National Financial Inclusion Strategy, which leverages technologies like digital on boarding to expand financial access. He cited the entry of five digital banks into the industry, many backed by foreign investors, as a testament to the country’s growing financial landscape. He noted the impressive progress Pakistan has made in internet and smart-phone adoption, as well as the key role MNCs have played in bringing innovation and best practices to the country’s IT landscape. He expressed confidence in the leadership of the Ministry of IT and Telecom under the Prime Minister and reiterated OICCI’s unwavering support.