In a significant move, the Pakistani government has given IT companies the permission to maintain US dollars in their accounts. This marks a positive development for the IT sector in Pakistan and is expected to boost the industry. The announcement was made by the Federal Minister for IT and Telecommunication, Syed Amin-ul-Haque, during a press conference in Islamabad, where he was joined by Federal Minister for Information and Broadcasting, Fawad Chaudhry.
Minister Haque stated that the IT sector has been taking several initiatives in the past two months, working in collaboration with the State Bank of Pakistan (SBP) and the Higher Education Commission (HEC). These initiatives aim to enhance the IT industry in Pakistan and promote innovation and investment.
One of the key changes announced is that IT companies are now allowed to maintain 50% of their accounts in US dollars, which was not permitted previously. This change provides flexibility to IT firms and allows them to conduct transactions and investments in foreign currency more conveniently. The move is seen as an attempt to facilitate IT businesses to carry out their global operations more effectively.
Furthermore, Minister Haque emphasized that IT companies would be able to receive dollars from abroad through proper banking channels, which they had struggled with in the past due to foreign exchange controls. This new policy encourages IT firms to bring foreign revenue back into Pakistan.
In another significant development, Minister Haque discussed the collaboration between the HEC and the Higher Education Commission (HEC). The government is planning to conduct tests for IT graduates in collaboration with HEC. These tests will be held in December and are expected to create opportunities for IT graduates to enter the industry more smoothly. This initiative aims to bridge the gap between academia and industry, ensuring that fresh IT graduates are well-equipped for their professional careers.
The minister also revealed that around 1.5 million young Pakistanis are engaged in freelance work, highlighting the potential of Pakistan’s online workforce. This not only indicates the country’s talent pool but also its global competitiveness in the IT and freelance sectors.
The government’s recent decisions to allow IT companies to maintain US dollars and collaborate with HEC for testing IT graduates demonstrate a positive step toward enhancing the IT industry in Pakistan. This can potentially lead to more significant investments, innovation, and employment opportunities in the IT sector, contributing to Pakistan’s economic growth and technological advancement.