Aurangzeb Highlights Pakistan's IT Potential at World Economic Forum

Aurangzeb Highlights Pakistan’s IT Potential at World Economic Forum

ISLAMABAD: Minister of Finance Muhammad Aurangzeb has emphasized that Pakistan has made notable advancements in information technology and has the third-largest number of freelancers. This, he claimed, is a blessing for the country.

Participating in a high-level panel discussion on “The Role of New Technologies in Promoting Trade and Investment” during the World Economic Forum (WEF) on Thursday, he stressed the vital role played by information technology in Pakistan’s growth and stability, as per the press release released by the Ministry of Finance.

Mr. Aurangzeb emphasized that ensuring the most efficient ecosystem, solid infrastructure connectivity, broadband, banking options, policy framework, and policy continuity was a top priority for the IT industry in Pakistan.

He added that Pakistan is the first nation to adopt the Digital Foreign Direct Investment Initiative and highlighted the need for IT to expand horizontally to take advantage of its benefits to everyone. In addition, the Pakistan Digital Foreign Direct Investment Initiative will help to drive this growth, he said.

The minister also said discussions with the stakeholders of sectors like IT were in progress to help promote the digital age, digitalization, and the development of new digital services. The minister said the country’s monthly IT exports hit an all-time high of $ 384 million in December. The figure helped Pakistan increase its export base. He also said that collaborating with Digital Cooperation Organisation (DCO) will help strengthen the IT industry.

Pakistan’s Political Stalemate Worsens as PTI Backs Out of Talks

He added that special zones for technology will be established, and the business sector is expected to become an integral part of the country’s economic growth by creating employment opportunities.

Mr Aurangzeb stated that Abu Dhabi DP World and Abu Dhabi Ports have invested in Pakistan’s ports and maritime sector, adding that Pakistan will cooperate with these firms to improve the security and efficiency of customs.

Participants at this year’s World Economic Forum focused on the potential of new technologies, such as AI, to revolutionize trade and make Investment more precise and profitable. Plans for IT solutions in finance, trade, and Investment and their efficient and profitable application on global markets were also discussed.

Pakistan’s Political Stalemate Worsens as PTI Backs Out of Talks

In addition, the finance minister was present at an Informal Gathering of World Economic Leaders (IGWEL) session on Viable Growth in a Volatile Era.

The session focused on strategies to ensure inclusive and sustainable growth in global economic uncertainty.

Mr. Aurangzeb was a guest speaker in a live-streamed discussion called hacking trade and Investment.

The finance minister also met with Egypt’s Minister of Finance, Ahmed Kouchouk, and briefed him on the government’s measures to ensure macroeconomic stability.

Ministers from both sides also discussed their experiences dealing with national development and economic challenges.

A meeting with the VEON delegation

In the meantime, VEON Group CEO Kaan Terzioglu and Jazz CEO Aamir Ibrag met Finance Minister Aurangzeb on the eve of the WEF Annual Meeting held in Davos and discussed JazzCash’s contribution to helping Pakistan’s digital payments infrastructure and encouraging economic documentation.

The discussions centered on extending existing collaboration in fintech services and expanding Pakistan’s digital inclusion. They also discussed the nation’s path toward economic growth and digital transformation.