News DeskDubai, UAE – Pakistan is actively engaging in discussions with payment gateways like PayPal and Stripe to enable IT professionals and freelancers to transfer their earnings to the country. Currently, these payment gateways do not offer this service to Pakistani companies and individuals. Dr. Umar Saif, the caretaker Federal Minister for IT and Telecommunications in Pakistan, highlighted the significance of this issue and mentioned that a business case has been submitted. The government is working on resolving regulatory compliance issues to facilitate their operations within the country, with plans to make progress in the coming weeks.
Pakistan boasts the world’s second-largest online freelance workforce, with approximately one million freelancers, and produces 75,000 IT graduates annually. To support IT companies and freelancers, the government is aiming to allow these companies to retain 50% of their revenues in US dollars in their bank accounts, along with providing online banking solutions for their convenience.
Dr. Saif also disclosed the government’s intention to provide interest-free loans to private sector developers for the establishment of co-working spaces catering to half a million freelancers in Pakistan, aiming to increase the number of IT professionals in the sector from 150,000 to 700,000.
Pakistan’s IT exports currently amount to $2.6 billion annually, and the government believes this figure can increase to $10 billion in the coming years. To boost exports, Pakistan has established the Special Technology Zones Authority to set up technology zones that offer tax and utility concessions to companies. Several technology zones are in development, and some are already operational, aiming to enhance the technology ecosystem and contribute to the country’s economic growth.
