Karachi – Thursday, October 26, 2023: Caretaker Federal Minister for IT & Telecommunication Dr. Umar Saif has said that no doubt about the
potential in Pakistan’s IT sector, the industry is playing a significant role in the stability of the country’s
economy, the government is taking vigorous steps to provide all possible facilities to the IT industry.
There is a need to be Brand Pakistan and marketed globally in the desired manner. He said this while
addressing the Memorandum of Understanding (MoU) signing ceremony for strategic partnership
between HBL and Pakistan Software Houses Association (P@SHA) here in Karachi on Thursday.
Dr. Umar Saif further said, “I am delighted to be part of the event and hope that this collaboration will
play a vital role and fostering the growth and development of the IT sector domestically and
internationally.”
Mentioning the role of the Special Investment Facilitation Council (SIFC), the IT Minister said that all
required facilities are being provided to boost the IT & Telecom sector.
Dr. Saif highlighted the SIFC’s recent decision that IT companies have now been allowed to retain 50% of
their revenue in US dollar accounts. These companies will also be provided with corporate debit cards by
the banks, which can be freely used to make international payments. This step has been taken on the
recommendation of the IT industry (P@SHA) aimed to encourage the Information Technology (IT) and
IT-enabled Services (ITeS) to boost export earnings and bring additional foreign exchange into the
country.
Regarding MoU, it is worth mentioning here that HBL, Pakistan’s Best Bank, has entered a multi-year
partnership with the Pakistan Software Houses Association (P@SHA), the country’s only IT industry
association, to support them in launching a series of impactful engagements locally and globally.
Through this collaboration, HBL aims to support P@SHA in positioning Pakistan as a growing tech
destination in the global market. The Bank’s extensive collaboration with stakeholders has given it a
deep understanding of the industry’s needs, enabling it to offer tailored financial solutions.
Commenting on the initiative, Muhammad Aurangzeb, President & CEO – HBL, said, “We believe that
the IT industry has the potential to be a major driver of economic growth and job creation in Pakistan.
This collaboration is a testament to our commitment to becoming a ‘Technology Company with a
Banking License’. It will provide an opportunity for HBL to engage with key stakeholders in the IT,
freelancer, software, and gaming industry and showcase its innovative financial solutions and services
that can meet the specific needs of the IT sector.”
Speaking at the occasion, Muhammad Zohaib Khan, Chairman – P@SHA, said: “With HBL by our side,
P@SHA is ready to embark on a transformative journey for Pakistan’s tech landscape. This strategic
partnership will propel us toward realizing our vision of making Pakistan a hub for technology
excellence. Together, we will open new doors of opportunity, innovation, and global recognition for our
IT industry.”
