March 07, 2024 (MLN): Pakistan has untapped potential in agriculture, mining, and information technology (IT), and these sectors could serve as catalysts for economic recovery, former finance minister Dr. Umar Saif highlighted in a video message.
Speaking on the potential of the IT sector, Dr. Umar Saif noted its unique ability to generate a trade surplus due to minimal reliance on imports.
Unlike other industries that contribute to Pakistan's boom and bust cycle by requiring significant raw material imports in order to boost exports, IT relies on the country's young, educated, and tech-savvy population.
By upskilling this workforce and integrating them into the global knowledge economy, Dr. Saif believes IT can significantly boost Pakistan's exports without increasing the import bill.
With total exports currently standing at $39-40 billion, Dr. Saif is optimistic that enhancing the productivity of freelancers and IT companies could potentially double the nation's exports.
His tenure as minister had been dedicated to unlocking the export potential of Pakistan's IT products, services, and freelancers.
During his tenor, the government successfully achieved 13 goals, out of 15, set to promote the IT sector and increase its exports within a brief period of 5 months under the caretaker setup.
