Special Technology Zone Authority (STZs ) Chairman Amer Hashmi said that opportunities in the tech startup industry were ripe in Pakistan and the incentives startups would get in the STZs would further give them a boost.
“STZs would certainly help tech startups to flourish,” Hashmi said. “Ten-year tax holiday and other incentives such as uninterrupted electricity and internet would attract more investment in the country’s tech startups that have been seeing upward trajectory since the last couple of years.” Pakistan’s tech-based startups attracted $550 million during the last couple of years. Meanwhile, Pakistan’s total IT exports stood at $1.44 billion in FY2020, which increased to $2.1 billion in FY2021. Experts see an upwards trajectory for the sector’s exports. Hashmi said that startups face liquidity issues and tax incentives improve their liquidity status subsequently increasing chances of their success.
Pakistan has great potential to attract investment in IT and technology, but there has to be an enabling environment in the country for that to happen. “Investors don’t come to countries where the environment is not enabling no matter how lucrative a market may seem,” Hashmi added. The IT and ITeS sector has the potential to lift Pakistan’s economy with government and regulatory support as well as other incentives such as reduced or exemptions in taxes. The chairman clarified that STZs would invite and entertain all technology based industries such as cell phone...
Read Full Story: https://technologytimes.pk/2022/05/26/stzs-encourage-more-startups-and-increase-success/
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