Pakistan's trade imbalance can be addressed through IT sector: Dr Umar Saif

Caretaker Minister of Information Technology and Telecommunication Dr Umar Saif on Tuesday highlighted the potential of the IT industry in reducing the country’s trade imbalances, according to APP.

The minister asserted in an interview with a private TV channel that the IT industry had a trade surplus of almost 80%, making it an appropriate focus for expanding the nation’s economy.

He stressed that the IT sector’s untapped potential may make a substantial contribution to the growth of the national economy.

Dr. Saif emphasized that the current value of Pakistan’s IT exports was $2.6 billion, creating jobs for almost 150,000 people in the industry.

He pointed out that the current average wage for software professionals was between $17,000 and $18,000 per year, compared to $30,000 for their Indian colleagues.

While discussing the academic environment, the minister disclosed that just 2,000 to 2,200 of the 20,000 to 22,000 IT graduates generated by Pakistani universities found employment.

He spoke of a competence gap that frequently falls short of international standards.

He emphasized the need for cooperation between Pakistani IT experts and universities to bridge this talent gap.

Dr. Saif suggested that various IT firms send funds overseas, of which a sizeable portion may be returned to Pakistan by giving them incentives.

The minister estimates that these incentives might increase the nation’s revenue by $1 to $2 billion.

He also mentioned Pakistan’s amazing usage of 190 million mobile phones, which places it as the seventh-largest mobile phone market in the world.

The minister supported the government’s initiative to encourage domestic manufacturing of low-cost, high-quality mobile phones.

He stressed that this project served two purposes and aimed to lessen the reliance on imported phones in order to lessen the outflow of foreign currency.

He went on to explain that it might strengthen the nation’s high-tech sector while opening up job opportunities locally.

He underlined the advantages of domestic mobile phone production, emphasising how it might support Pakistan’s economy and satisfy the nation’s growing need for mobile devices.