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The IT industry in Pakistan is thriving, and it is one of the few sectors in the country that has a trade surplus. However, businesses in the IT sector have faced challenges in receiving payments from international clients. This is because many international payment gateways, such as PayPal and Stripe, are not available in Pakistan.

Good news for Pakistan's IT industry:

The Ministry of Information Technology and Telecommunication (MoITT) is working on establishing a financial system and policy framework to introduce PayPal and Stripe payment gateways in Pakistan. This initiative will enhance the payment ecosystem for the country's IT industry by integrating these international payment gateways into the global IT industry's financial framework.

Benefits for Pakistan's IT industry:

The introduction of PayPal and Stripe payment gateways in Pakistan will have a number of benefits for the country's IT industry. These include:

• Increased foreign exchange earnings: Businesses in the IT sector will be able to receive payments from international clients more easily, which will boost foreign exchange earnings for the country.
• Improved competitiveness: Pakistani IT businesses will be able to compete on a more level playing field with their international counterparts.
• Increased investment: The introduction of PayPal and Stripe payment gateways will make Pakistan a more attractive destination for foreign investment in the IT sector.

Pakistan Startup Fund:

The MoITT is also launching the Pakistan Startup Fund, which is expected to draw venture capitalists to Pakistan and promote the startup culture in the country. The fund will be established using resources from IGNITE, the National Technology Fund, which is funded by the federal government's telecom industry revenues.

Special Investment Facilitation Council (SIFC):

The government has also established the Special Investment Facilitation Council (SIFC), which has designated IT as one of its five focus areas. This shows the government's commitment to supporting the growth of the IT industry in Pakistan

The introduction of PayPal and Stripe payment gateways in Pakistan, the launch of the Pakistan Startup Fund, and the establishment of the SIFC are all positive developments for the country's IT industry. These initiatives will help to boost growth, create jobs, and attract foreign investment. This information has been published at The Express Tribune, on October 25th, 2023.