In a groundbreaking move, Dr. Umar Saif, the Caretaker Minister for Information Technology and Telecommunications (MoITT), recently distributed a staggering PKR 825 million in cash rewards to 550 companies contributing significantly to IT and IT-enabled services exports. Recognizing the pivotal role of the IT industry in the country’s economy, Dr. Umar Saif emphasized the need for unwavering support and rewards for these companies. The distribution ceremony, organized by The Pakistan Software Export Board (PSEB), highlighted the economic stability and growth potential of the IT sector.
Economic Stability Hinges on IT Industry: Dr. Umar Saif
During the ceremony in Lahore, Dr. Umar Saif underscored the importance of the IT industry in strengthening Pakistan’s economy by leveraging digital talent to earn substantial foreign exchange. With the continuous positive performance of the IT sector, Dr. Umar Saif expressed optimism that the ambitious target of achieving $10 billion in IT exports would soon become a reality.
Record Growth in IT Exports: Government Allocates PKR 1 Billion
Dr. Umar Saif credited the positive growth in IT exports to the timely decisions of the Special Investment Facilitation Council (SIFC) based on the Ministry of IT’s recommendations. Over the last 60 days, the overall IT exports in the country witnessed a remarkable 32% increase. To further encourage companies displaying positive growth, the government allocated PKR 1 billion in the annual budget, leading to the distribution of PKR 825 million to 550 deserving companies.
Cash Prizes Distributed Across Six Categories
Out of the allocated fund, Dr. Umar Saif detailed the distribution plan, with the top 100 companies receiving Rs 2.5 million each, followed by Rs 2 million for the second 100, Rs 1.5 million for the third 100, Rs 1.25 million for the fourth 100, Rs 750 thousand for the fifth 100, and Rs 500 thousand for the last 50 companies. The top 10 companies were also awarded trophies for their outstanding performance.
Future Initiatives: Industry Co-Opt Program
Dr. Umar Saif announced that the remaining Rs 175 million from the fund would be dedicated to companies providing employment to trained IT skilled individuals. A notable initiative is the Industry Co-Opt Program, developed in collaboration with HEC and P@SHA, aiming to provide apprenticeship opportunities to IT students. The program incentivizes IT & ITeS exporters to support the Co-Opt program, contributing to the placement of final-year students as interns. This strategic move not only showcases the capabilities of IT-skilled youth but also addresses the industry’s talent needs.
Diverse Winners Across IT Fields
The IT & ITeS Export Awards 2024 recognized outstanding achievements in various categories, including IT consultancy services, IT products and solutions, call centers, gaming and animation, women entrepreneurs, and fast-growing companies. Notable winners include Systems Limited, i2c Pakistan (Pvt) Ltd, Mindbridge (Pvt) Ltd, Quixel Pakistan (Pvt) Ltd, ABSLabs (Pvt) Ltd, and Ms. Fatima Asad Said, CEO of Abacus Consulting Technology Limited.
Industry Applauds Decision: Chairman P@SHA
Chairman P@SHA, Mohammad Zohaib Khan, hailed the decision to provide cash rewards and awards as a significant boost for the IT sector. He expressed confidence that this move by the caretaker IT Minister would inspire and encourage IT companies and freelancers to play an even more substantial role in the economic stability of the country.
In conclusion, the IT industry’s outstanding performance in exports, coupled with the cash rewards and awards, reflects the sector’s vital role in Pakistan’s economic landscape. The government’s strategic allocation of funds and support initiatives aim to propel the IT industry to new heights, fostering innovation, economic growth, and global competitiveness.
