Another important step in ensuring sustainable growth in the Pakistan IT industry, the Pakistan Software Export Board (PSEB) of the Ministry of IT and Telecommunications has signed a memorandum of understanding with the Pakistan Stock Exchange (PSX).
The letter of intent has been signed on the Pakistan Stock Exchange. Federal Minister of IT and Telecommunications Syed Amin ul Haque witnessed this possibility. Osman Nasir, CEO of PSEB, and Mr. Farrukh H. Khan, Chairman and CEO of PSX, have signed the letter of intent. Also on the occasion were senior representatives from the Federal Ministry of IT and Telecommunications, PSEB, SECP, PSX and the IT industry.
Pakistan Software Export Board & Pakistan Stock Exchange Ink MoU to promote IT Companies
— Ministry of IT & Telecom (@MoitOfficial) February 25, 2021
"MOU is a giant leap forward for development of Pakistan’s IT Industry," @SyedAminulHaque.#MOITT #ICT #Digital pic.twitter.com/gbAY3OR0Ez
In his keynote address, the lead guest, Federal Information Technology and Telecommunications Minister Syed Amin Ul Haque, said the letter of intent is an important step forward in the development of Pakistan's IT industry. This is the first agreement between PSEB and PSX.
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He said the goal is to increase the number of technology companies that are on the PSX Main Board & GEM Board, which in turn will help strengthen the economic ecosystem for the growth of the IT sector and efforts to build a strong brand image. to build the Pakistani IT industry. in the EU contributes to international markets.
The Pakistan Security and Exchange Commission is to be commended for reducing corporate governance rules from 21 to 3 and for making it easier for technology companies to register with PSX. Syed Amin ul Haque said that small to medium-sized enterprises are a large part of Pakistan's businesses.
SMEs make up nearly 90% of all businesses in Pakistan. They contribute about 40% of the annual GDP and employ about 80% of the non-agricultural workforce. Growth companies play an important role in a country's economy. They provide a large number of jobs and contribute significantly to a country's GDP.
Federal ministers stated that export transfers of IT and IT-enabled services (ITeS), consisting of computer services and call center services, have risen to $ 1.230 billion.
In the financial year 2019-20, an increase from a growth rate of 23.71% equates to USD 994,848 millions in the same period, despite the current global economic challenges and thus a testament to the resistance in Pakistan's IT sector.
