We offer 100% equity ownership, 100% repatriation of capital and dividends, and income tax credits for IT exports to foreign investors: Shaza
\n ISLAMABAD
\nMinister of State for IT and Telecommunications, Shaza Fatima Khawaja Tuesday said that the all-weather strategic cooperative partnership between Pakistan and China opens doors to unparalleled opportunities in IT sector.
\nThe 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.
\nThe integration of digital technologies into CPEC projects holds the promise of unlocking new avenues for economic growth, job creation, and sustainable development, she made the remarks while addressing opening ceremony of Global Digital Economy Conference 2024. The minister said that the strategic partnership between Pakistan and China opens doors to unparalleled opportunities for collaboration in the IT sector.
\n\u201cWhether 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,\u201d she added.
\nShaza Fatima said that the vast potential of China\u2019s IT market presents a significant opportunity for foreign companies, including those from Pakistan, to expand their businesses and boost exports.
\nThe minister 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.
\nShaza 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.
\n\u201cPakistan\u2019s IT sector has emerged as a powerful catalyst for the nation\u2019s economic growth. According to Kearney\u2019s 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\u2019s growth is robust,\u201d she added.
\nIt is worth mentioning that 20 top IT companies from Pakistan is participating in GDEC 2024 and expected to sign MoU to enhance IT cooperation between China and Pakistan. The minister 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.
\nThe country offers offshore services at a remarkable 70% reduction in operational costs compared to Western destinations. The government\u2019s 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.
\n\u201cWe offer 100% equity ownership, 100% repatriation of capital and dividends, and income tax credits for IT exports to foreign investors\u201d, she added. She highlighted that Pakistan\u2019s 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.
\nPakistani 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.
\nShaza 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\u2019s commitment to building a connected and technologically advanced world. \u2014 DNA<\/p>\n","protected":false},"excerpt":{"rendered":"
We offer 100% equity ownership, 100% repatriation of capital and dividends, and income tax credits for IT exports to foreign investors: Shaza ISLAMABAD Minister of State for IT and Telecommunications, Shaza Fatima Khawaja Tuesday said that the all-weather strategic cooperative partnership between Pakistan and China opens doors to unparalleled opportunities in IT sector. The China-Pakistan […]<\/p>\n","protected":false},"author":2,"featured_media":416110,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-416087","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n