Emphasizing Pakistan’s commitment to an investment-friendly climate, the Pakistani ambassador to the United States addressed the audience during a recent conference. He revealed that Pakistan has unlocked new opportunities for foreign investment in various sectors, including IT, energy, agriculture, mining, and defence production.
During the ‘Resilience and Reform in Pakistan’ conference organized by the South Asia Centre, the ambassador shared significant developments in Pakistan’s tech industry. He highlighted the impressive growth of tech startups, with a substantial increase in venture capital funding from a mere $10 million in 2018 to a remarkable $1 billion annually. The total turnover of tech startups in the previous fiscal year reached $3 billion, while e-commerce generated around $6 billion in revenue.
The ambassador noted that Pakistan is rapidly catching up with the tech revolution that has swept across Southeast Asia, the Middle East, and North Africa. He attributed this progress to the digitization of the economy, the expansion of e-commerce, and improved supply chains. Tech startups have made substantial strides in various areas, including fintech, retail, pharmacy, diagnostics, telemedicine, education, groceries, and transportation.
Furthermore, the ambassador emphasized that Pakistan is actively pursuing institutional reforms to enhance macroeconomic stability, social development, fiscal discipline, and business climate. Reforms in the tax system aim to...
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