Tech event projects $500m in investments

Experts highlight need for long-term policies to sustain growth, attract foreign investment.

KARACHI:

The three-day 25th ITCN Asia 2024 concluded on a positive note, with the event projected to generate over $500 million in investments and business deals, marking a significant boost to Pakistan's national economy.

Umair Nizam, Project Director of ITCN Asia, expressed optimism that the event will significantly contribute to Pakistan's economic landscape, highlighting the nation's potential to overcome challenges through a combination of hard work and innovation. "Pakistan is becoming the regional hub of technology," Nizam stated, underlining the importance of smart strategies in driving the country's tech sector forward.

Mohammad Zohaib Khan, P@SHA Chairman, highlighted the consistent growth in Pakistan's export of IT and IT-enabled services. He stressed that sustained policies are crucial to further enhancing the sector's value. Pakistan's IT companies have already made a mark globally, contributing to major projects such as developing the UAE's central payment system and providing cutting-edge software solutions to renowned international firms.

Former Minister of State and Chairman of the Board of Investment, Azfar Ahsan, stressed the importance of a unified approach among businessmen, policymakers, and stakeholders. He advocated for a "charter of business" that would ensure the continuation of long-term policies and create a favourable environment for both local and foreign investments across various sectors. According to Ahsan, the formulation of a 25-year economic growth roadmap is essential, and such policies should be adhered to, irrespective of political shifts in the country.

Ahsan further pointed out that Pakistan, with its strategic location and vast market potential, has the ability to attract significant foreign investment. However, the absence of consistent policies continues to be a barrier to growth. He urged Pakistani businessmen to facilitate foreign investors, noting that many international entities are keen to collaborate with Pakistan but require easier access to investment opportunities across multiple sectors.