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HomeLatestGovernment's Initiatives to Boost the IT Sector with PayPal and Stripe's Arrival

Government’s Initiatives to Boost the IT Sector with PayPal and Stripe’s Arrival

Islamabad: The Interim Government is planning a strategy to bring leading online payment companies like PayPal and Stripe to Pakistan. This move aims to boost the country’s IT exports

The interim IT minister Dr. Umar Saif said that PayPal and Stripe will soon be available in Pakistan. In a meeting with Caretaker Prime Minister Anwaar ul Haq Kakar, they approved a project to strengthen Pakistan’s IT industry. This project has many important parts that will change how technology is used in Pakistan. This project features a number of crucial elements that have the potential to change the country’s IT sector. This move is expected to empower freelancers and entrepreneurs by providing them with efficient payment processing solutions.

While IT exports are increasing, Pakistani freelancers are having trouble getting paid since popular payment gateways like Stripe and Paypal are not available. This is because to a number of factors, such as problems with regulations, about fraud and money laundering etc.

The first key initiative focuses on enhancing IT exports. The government plans to establish IT corporate debit cards and dollar retention accounts to make it easier for IT companies to manage their finances.

The government hopes to significantly boost Pakistan’s IT export income by $5 billion by fixing tax concerns as well as training 200,000 IT specialists. In addition, the government plans to build 500,000 co-working spaces for the freelancers, which might increase their potential and bring in an additional $3 billion annually for Pakistan.

The government is also preparing to introduce Starlink after realizing the value of connection in the digital age. This program aims to increase nationwide internet connectivity and creating new possibilities for communication, business, and education.

The government is taking steps to establish a government-backed Pakistan Venture Capital Fund. This initiative aims to attract top-tier international venture capitalists. Furthermore, the government is creating incentives for local smartphone manufacturing and export in Pakistan.

Read More: Sindh Government Introduces Free Wi-Fi Service: Here’s How to Connect

They are also launching a platform for financing smartphones, which will make it simpler for consumers to buy phones with monthly payments, increasing local demand and promoting the development of the technology industry. These policies, which emphasize innovation, expansion, and international competitiveness, in short a bright future for Pakistan’s IT sector.

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