Business

China to invest $1b in Pakistan’s IT sector

May 26, 2010

ISLAMABAD: China will invest over $1 billion in the information technology sector in Pakistan following the Memorandum of Understanding signed by President Asif Ali Zardari during his visit to China last year.

To discuss the modalities for the investment, the Ambassador of China in Islamabad Lou Zhaohui met with the Adviser to the Prime Minister on Information Technology Latif Khosa on Wednesday. China would invest in three sub-sectors of information technology for re-strengthening the sector, Khosa said. He assured the envoy that all bureaucratic bottlenecks in the way of implementing the projects would be overcome.

He said that the government is making all-out efforts to give impetus to the technology sector with the ultimate aim to create more job opportunities for talented youth. Khosa praised the Chinese ambassador for taking keen interest in further strengthening existing bonds between Pakistan and China. The ambassador also discussed arrangements for the upcoming visit of the vice prime minister and the minister for information technology of China to Pakistan in the coming weeks.

Published in the Express Tribune, May 27th, 2010.

COMMENTS (1)

Nabeel | Create Your First Website | 14 years ago | Reply "He said that the government is making all-out efforts to give impetus to the technology sector with the ultimate aim to create more job opportunities for talented youth." If you want to help the IT Industry, then first pass the anti-money laundering bill!! India has both Paypal and Payoneer available to them (which are both the biggest/effective methods of sending and receiving payment online), while we have none of them (Payoneer was available, but not anymore). Freelancers in Pakistan have been waiting since MANY YEARS for Paypal to offer its services in Pakistan, but due to State Bank and our Government’s indifference/careless attitude, it is not given any importance. On 4th May, users (freelancers in Pakistan providing services to foreign buyers) of Payoneer Debit Master Card received an email notifying that due to a change in requirements from their regulators, as of June 1, 2010 Payoneer cards will be blocked for transactions in the countries listed by the US government as having strategic Anti Money Laundering (AML) deficiencies. This card was used by freelancers all over Pakistan to receive payments for the services they provide in various freelancing websites. According to an article by Methtab Haider from The News, the Anti-Money Laundering and Terrorist Financing Ordinance lapsed on March 26, 2010 as the bill was not passed by the upper house of parliament, which was prorogued recently, shattering all hopes that Islamabad would come out of the list of countries vulnerable to money laundering. Asia Pacific Group on Financial Action Task Force (FATF) had given Pakistan February 2010 as deadline for formal conversion of the ordinance into the Act of Parliament. Now, the FATF is scheduled to meet at Amsterdam in June 2010, and the passage of the Anti-Money Laundering and Combating Terrorist Financing Act from parliament before that could help Pakistan improve its international ranking. Why is this bill still not passed? Every freelancer will face difficulties in receiving payments after June 1, 2010 if the bill is not passed, as this was the most efficient way of receiving payments. The upper house of parliament should pass this bill before June 1, as the National Assembly had already passed the AML bill but the bill could not be passed from the Senate. The Government should also look into the matter of Paypal, as it has shown interest in Pakistan, but due to some State Bank/Government rules and regulations, it is still unable to enter Pakistan.

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