IT minister underscores SIFC initiatives to revolutionise IT, telecom in Pakistan

ISLAMABAD: Caretaker Minister for Information Technology and Telecommunications Dr Umar Saif on Tuesday highlighted the recent policy changes by the Special Investment Facilitation Council (SIFC) in Pakistan, aimed at supporting the IT and telecom sectors.

Speaking to a high-level delegation led by his Malaysian counterpart Fahmi Fadzi in Dubai at the GITEX-23 sidelines meeting, Dr Saif said that the State Bank of Pakistan (SBP) has authorised a 50% retention of IT export remittances in foreign currency (FCY) accounts.

Policies have been implemented to ensure smooth and hassle-free cash flows for IT exporters through online banking and corporate debit cards, he added.

These developments also encompass various initiatives aimed at simplifying Right of Way (ROW) charges, boosting infrastructure sharing, advancing the 5G spectrum, and enhancing IT export retention.

Dr Saif said the federal cabinet granted approval for an advisory Committee for Pakistan’s 5G Spectrum auction a major step toward digital Pakistan.

In a related context, the minister Expand North Star, an international showcase of innovation and cultural exchange.

The Pakistan Pavilion was thoughtfully designed to encapsulate the country’s progress and potential, welcoming visitors with open arms.

Moreover, the minister expressed Pakistan’s intention to learn from Malaysia’s innovative approach and policies regarding the rollout of 5G technology.

“Malaysia has rolled out 5G at a lightning pace using a very innovative Spectrum Sharing policy. We will work with our Malaysian counterparts to learn about their innovative approach and policies” the minister said.

The meeting encompassed crucial technology topics with the objective of strengthening collaboration between the two nations.

During the meeting, Dr Saif explored the realm of financial technology (Fintech) and touched upon Starlink, the satellite internet company, making inroads into Malaysia.

The discussion extended to the potential implementation of LYNC, with a commitment to sharing experiences and knowledge.

Dr Saif drew attention to Pakistan’s network coverage challenges, underscoring the importance of adopting best practices from the Malaysian Regulator.

Both ministers engaged in a dialogue regarding Pakistan’s path to adopting 5G technology and the challenges impeding this transition.

The Malaysian minister pledged to share best practices to facilitate this transition.

The meeting also featured a discussion on the International Telecommunication Union (ITU) and its potential benefits for both Pakistan and Malaysia in the technology sector.

The meeting involved a commitment to enhance coordination and discussions in the forthcoming months, signifying the growing partnership between the two countries.