ISLAMABAD: Prime Minister Imran Khan has announced establishment of the Pakistan Technology Startup Fund to provide Rs1 billion seed funding to around 50 startups annually. While chairing a meeting on Tuesday, the prime minister said that the information technology sector and technology savvy youth are the biggest asset of the country that can be utilised to bridge the huge current account deficit.
He said that the government is announcing a tax holiday and 100 percent forex retention for IT/ITeS companies and freelancers registered with the Pakistan Software Export Bureau (PSEB) to incentivise investment in the IT sector for economic turnaround.
The prime minister said that IT exports can be increased to $50 billion in the next few years.
He also highlighted the importance of unleashing the IT industry by providing them ease of doing business and the best incentives globally available. He announced a reform package for the growth of IT sector.
The prime minister directed to establish Special Technology Zones (STZs) on fast-track basis in the federal and all provincial capitals to create hubs of IT/ technology innovation and investment in cities in the first phase.
He said that sectors of the Capital Development Authority (CDA) in Islamabad will be declared as STZs, so that IT firms and freelancers can avail the benefits offered by the Special Technology Zones Authority (STZA).
Read more: PM approves incentive package for IT sector, freelancers
The premier also directed to...
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