Untapped IT potential

IT minister says that industry could become one of the largest industries in the country

Pakistan’s IT industry has long been regarded as one of the greatest untapped potentials of the country. Despite this, the development of the industry, since its initiation 20 years ago, remains sluggish. Over the past couple of years however, the government has been able to provide a number of incentives to IT investors, which has given the sector a much-needed push-start towards development.

Federal Minister for IT and Telecommunication Syed Aminul Haque recently asserted that a 24% increase in growth rate was recorded in IT export remittances as compared to that in the last year despite the Covid-19 pandemic. While it may be plausible to call such an achievement an important milestone for Pakistan, the path towards an IT boom and economic prosperity will without a doubt be long and cumbersome. The fact is that even though IT development has considerably surged, Pakistan remains lightyears behind other competitors such as India, one of the largest IT exporters in the world with exports constituting 79% of the industry’s total revenue, and Bangladesh, which has continuously maintained a 57.21% export growth on average since 2009.

However, what seems to be lacking in all three cases is local technological development and ingenuity, for which one needs to look towards China — a country whose technological systems permeate through all other sectors rather than remaining isolated. If Pakistan moves forward keeping this in mind, development would not only be much more rapid but other industries would also reap the countless benefits it could bring in the future. This would further attract foreign investors through which Pakistan could gain economic stability and eventually prosperity.

Thankfully, the IT minister’s recent address indicates that he is on top of the situation, declaring that the IT industry could become one of the largest industries in the country. It is vital for the government to back such a vision with full force as it may be the only useful weapon left in Pakistan’s economic arsenal.

Published in The Express Tribune, August 24^th, 2020.

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