Pak-China strategic partnership opens doors to vast opportunities in IT sector: Shaza Fatima

ISLAMABAD (2-7-2024): Minister of State for IT and Telecommunication Shaza Fatima Khawaja  has said that the all-weather strategic cooperative partnership between Pakistan and China opens doors to unparalleled opportunities in IT sector.

She said the China-Pakistan Economic Corridor (CPEC) serves as a cornerstone of bilateral cooperation between Pakistan and China, offering a multitude of opportunities for joint ventures and technology-driven initiatives as well.FM Pledges Support for IT Sector

The integration of digital technologies into CPEC projects holds the promise of unlocking new avenues for economic growth, job creation, and sustainable development, she said while addressing opening ceremony of Global Digital Economy Conference 2024 in Beijing, China on Tuesday.

 The Minister of State for IT said that the strategic partnership between Pakistan and China opens doors to unparalleled opportunities for collaboration in the IT sector.

“Whether it is in the fields of artificial intelligence, cybersecurity, e-commerce, or digital infrastructure, there exists immense potential for joint ventures, knowledge exchange, networking opportunities and skill development,” she added.

Shaza Fatima said that the vast potential of China’s IT market presents a significant opportunity for foreign companies, including those from Pakistan, to expand their businesses and boost exports

The Minister of State for IT remarked that the partnership between Pakistan and China continues to flourish, reflecting a long-standing tradition of collaboration and mutual growth.

This partnership takes a significant step forward as they convene to explore the vast potential within the Information Technology (IT) sector.

Shaza Fatima said that the global landscape has witnessed a digital revolution in recent years, positioning the IT sector as a cornerstone of economic development, innovation, and social transformation. Recognizing the immense potential of this sector, both Pakistan and China have made substantial strides in harnessing its capabilities.

“Pakistan’s IT sector has emerged as a powerful catalyst for the nation’s economic growth. According to Kearney’s Global Services Location Index in 2022, Pakistan is the most attractive destination for outsourcing. With around 20,000 registered IT and IT-enabled Services (ITeS) companies exporting to over 170 countries, the sector’s growth is robust”, she added.

She said that this success can be attributed to several key factors. Pakistan produces approximately 75,000 IT graduates annually, a skilled and dynamic workforce that meets global standards. The country offers offshore services at a remarkable 70% reduction in operational costs compared to Western destinations. The government’s support, through the Pakistan Software Export Board (PSEB), includes 100% equity ownership, 100% repatriation of capital and dividends, and income tax credits for IT exports to foreign investors.

“We offer 100% equity ownership, 100% repatriation of capital and dividends, and income tax credits for IT exports to foreign investors”, she added .

She highlighted that Pakistan’s infrastructure supports this growth, Its strategic time zone, favorable for global business operations, along with 100+ Software Technology Parks and Special Technology Zones, provides an enabling environment for innovation and growth.

 Pakistani IT companies offer diverse products and services, from software development and cybersecurity to artificial intelligence and data analytics. These capabilities complement the strengths of global counterparts, paving the way for extensive collaboration, she added.

Shaza Fatima said that China, a global leader in technology and innovation, has made remarkable advancements in artificial intelligence, big data, cloud computing, and 5G technology. The Belt and Road Initiative and the Digital Silk Route project underscore China’s commitment to building a connected and technologically advanced world.

Shaza Fatima explains that the vast potential of China’s IT market presents a significant opportunity for foreign companies, including those from Pakistan, to expand their businesses and boost exports.

I am looking towards the future, the synergies between Pakistan and China can drive a digital renaissance benefiting not only both countries but the entire region.

 The ongoing Global Digital Economy Conference serves as a catalyst for fostering meaningful collaborations. This forum provides a platform for companies from both nations to explore joint ventures, share best practices, and engage in knowledge exchange.

Shaza Fatima stated that the forum is instrumental in navigating regulatory landscapes, addressing cross-border challenges, and promoting a conducive environment for sustainable business growth. Participants can expect fruitful discussions and productive outcomes.

She mentioned that the government of Pakistan remains committed to providing the necessary support to transform these collaborations into shining examples of win-win cooperation.

It is to be noted that the main 4th GDEC is being held at the China National Convention Center (Beijing) from July 2nd to 5th, 2024. The conference is themed at “Embarking on a New Era of Digital Intelligence, Sharing a New Future of Digital Economy”./Ends