Caretaker Information Technology and Telecommunication Minister Dr Umar Saif has said that the IT sector has the potential to address the country's trade imbalance. Talking to a private TV channel on Tuesday, the minister said that the IT sector had a trade surplus of almost 80%, making it an attractive industry for boosting the country's economy. He emphasized that the untapped potential within the IT sector could significantly contribute to the country's economic advancement. Dr Saif pointed out that the current value of Pakistan's IT exports stood at $2.6 billion, providing employment opportunities for around 150,000 individuals within the sector.

He noted that software developers presently earned an annual income of approximately $17,000 to $18,000, whereas their Indian counterparts earned around $30,000. The minister also proposed that several IT companies channel funds abroad out of which a significant amount could be repatriated to Pakistan by offering incentives to them. According to the minister, these incentives could potentially bring an additional $1 to $2 billion to the country. He also acknowledged Pakistan's global standing as the seventh-largest mobile phone market, boasting an impressive usage of 190 million mobile phones.

Dr Saif shared the government's vision of fostering local manufacturing of affordable, high-quality mobile phones. "This strategic step aims to diminish the reliance on imported phones, thereby mitigating the outflow of foreign exchange," Dr Saif said emphasizing that this initiative had a two-fold potential. Elaborating, he said it could generate employment opportunities at the local level while propelling the nation's high-tech industry. He explained the advantages of domestic mobile phone production, noting its capacity to meet the escalating demand for mobile devices and invigorate Pakistan's economy.

 
Credit: Independent News Pakistan (INP)