IT experts urge exploration of GCC markets
By investing in the IT sector, local companies have the potential to grow and compete with global giants in any sector. PHOTO: REUTERS
IT consultants and experts are urging a strategic exploration of new and non-traditional markets, particularly Gulf Cooperation Council (GCC) countries. The goal is to attract foreign direct investments (FDI) and boost exports in the Information Technology (IT) and IT-enabled services sector.
Several leading companies have already established their presence in these markets by setting up regional and representative offices to increase exports of IT services in these countries. This move should be followed by different IT companies and established tech-based startups.
In discussions with The Express Tribune, they highlighted that Pakistani IT companies could foster strong business relationships with GCC-based companies by offering them shareholding and then expanding their operations and business in the GCC and the Middle East and Northern Africa (MENA) region. They highlight that the Gulf region’s emphasis on diversifying its economy aligns with Pakistan’s IT strengths, creating a mutually beneficial collaboration. Pakistani IT firms play a significant role in developing the GCC’s digital infrastructure, particularly in sectors such as finance, healthcare, and education.
Moreover, they stress that cultural similarities between Pakistan and the GCC nations foster stronger business ties. Shared values and linguistic commonalities enhance communication and understanding, facilitating smoother collaboration in the IT sector.
SI Global Solutions CEO Noman Said shared his views with The Express Tribune, stating, “The strategic focus of Pakistan’s IT industry on the Gulf Cooperation Council (GCC) countries for export reflects a symbiotic relationship that has flourished over the years.” He says that this targeted approach stems from the shared economic interests and cultural affinities between Pakistan and the GCC nations. Pakistan’s IT sector has identified the GCC as a lucrative market due to its growing demand for technological solutions and services.
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As the digital landscape continues to evolve, this strategic alignment positions Pakistan as a reliable partner for the GCC countries in achieving their digital transformation goals. The synergy between Pakistan’s IT capabilities and the Gulf’s evolving needs establishes this collaboration as a win-win scenario, driving economic growth for both parties. In conclusion, he said, the focus of Pakistan’s IT industry on the GCC countries is a strategic move leveraging shared economic goals, technological strengths, and cultural ties to foster a robust and mutually beneficial partnership in the realm of information technology.
Muhammad Umair Nizam, member of P@SHA and Project Director at ITCN Asia, stated that the Special Investment Facilitation Council (SIFC) and the current Caretaker Federal Minister for IT and Telecommunication, Dr Umar Saif, have been actively boosting Pakistan’s presence in the GCC region by leading multiple delegations to countries like Qatar, Saudi Arabia, Kuwait and other. He stressed that Pakistan should take advantage of this opportunity and capture as much of the market as possible in the next one and a half years.
Analyst Muhammad Yasir highlighted that at present, the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), and Qatar are the fastest-growing economies in the world with mega economic plans known as Saudi Vision 2030, UAE Vision 2030, and Qatar National Vision 2030, respectively.
“These states are making investments to achieve the targets of their mega plans, inviting the Ministry of Information Technology and Telecommunication (MoITT) along with the Pakistan Software Export Board (PSEB) and the Pakistan Software Houses Association (P@SHA). MoIT, PSEB, and P@SHA have recently engaged in various activities in these states, attending mega trade fairs, conducting meetings with state-level delegations, and participating in networking events.
They received an overwhelming response from the host countries,” he said. He called for further strengthening trade ties with these countries to the next level in the field of IT and generating meaningful results in terms of a surge in exports based on a comprehensive roadmap and trade diplomacy.
Published in The Express Tribune, December 31st, 2023.
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