Is the Arrival of PayPal and Stripe in Pakistan Confirmed?
The Caretaker Minister of Information Technology, Dr. Umar Saif, has officially announced the federal government’s intentions to bring PayPal and Stripe in Pakistan. Additionally, plans are in motion to establish co-working spaces tailored to the needs of freelancers.
Dr. Umar Saif shared this exciting development following a meeting with Caretaker Prime Minister Anwaarul Haq Kakar. During the meeting, PM Kakar granted approval for a comprehensive project aimed at boosting the IT industry in the country.
Dr. Saif emphasized that with the removal of certain obstacles, Pakistan’s IT exports could potentially reach $10 billion. In light of this, the Prime Minister has directed key government bodies, including finance, commerce, energy, the State Bank of Pakistan (SBP), and the Federal Board of Revenue (FBR), to engage in consultations.
Furthermore, Dr. Saif underscored the pivotal role of the IT sector in ensuring economic stability through cooperative projects. He explained that efforts are already underway to provide training to young individuals, thereby enhancing the quality of services in the sector.
“The government has initiated a plan to train 200,000 IT professionals through collaboration with the industry and academia. These professionals will contribute to increasing IT exports by an additional $5 billion,” stated Dr. Saif.
In a detailed message posted on social media (formerly Twitter), the Caretaker IT Minister disclosed that the Caretaker Prime Minister had not only approved but also commended the plan to launch a government-backed Pakistan Venture Capital Fund. This fund aims to attract top-tier international venture capitalists to invest in startups, with a potential investment of $1 billion.
Furthermore, the plan includes the launch of Starlink in Pakistan to enhance connectivity nationwide. To facilitate this, the government is actively working on enabling active spectrum sharing, implementing forward-looking taxation policies, regulations, and incentives for the telecom industry, all with the goal of preparing for the upcoming 5G auction within the next 10 months.
Dr. Saif concluded by mentioning incentives for local smartphone manufacturing and exports, as well as the introduction of a smartphone financing platform. This platform aims to make it easier for people to acquire smartphones through monthly installments, thereby stimulating local demand for these devices.