Umar Saif invites international investors to explore Pakistan's digital banking and fintech sectors
Dr. Umar Saif, the Caretaker
Minister for Information Technology and Telecommunication, urged international
investors on Monday to consider opportunities in Pakistan's digital banking,
FinTech, AgriTech, and telecom infrastructure sectors.
During the inaugural session of
the Global Information Technology Exhibition in Dubai, Dr. Saif highlighted the
attractive incentives available in Pakistan, including tax concessions and a
100% ownership rights regime, making it an appealing destination for foreign
investors.
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Running from October 16 to 20,
the Dubai Global Exhibition brings together delegates from 170 countries and
over 6,000 IT companies.
Dr. Saif emphasized that a
substantial portion of Pakistan's population, approximately 85%, lacks bank
accounts and prefers cash or alternative methods for transactions. This
presents an excellent opportunity for the development of digital payment solutions.
He also pointed out that
Pakistan offers a promising market for payment companies like PayPal, with the
potential to generate substantial revenue.
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Dr. Saif highlighted Pakistan's
youth demographic, with 65% of the population under the age of 30, underscoring
the country's vast potential in the technology sector.
"Worldwide, Pakistan's IT
talent and its strategic geographical position present tremendous
opportunities," Dr. Saif stated. "Despite challenges, Pakistan is
rapidly advancing in technology," he added.
The Minister mentioned that
Pakistan's IT companies provide valuable expertise and high-quality services
that can benefit global markets. The country's extensive telecommunications
sector, boasting 192 million cellular subscribers, offers a substantial
investment opportunity.
Furthermore, he discussed plans
for the production of batteries and other device components in Pakistan,
further expanding the investment horizons.
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Notable attendees at the event
included representatives from the Pakistan Software Export Board, Agnate, and
the Pakistan Software Houses Association.
A significant presence from Pakistan in the Dubai Global Exhibition was evident, with 54 IT companies and 30 startups participating, reinforcing Pakistan's position in the global tech landscape.
Source: APP