Tech industry to help overcome current account deficit: PM

LAHORE: Prime Minister Imran Khan Thursday said that if incentivized and facilitated, the technology industry could help overcome the current account deficit (CAD) by boosting exports as well as addressing the issue of unemployment.

Addressing the inaugural ceremony of Lahore Technopolis, a special technology zone, Imran said the project would help provide incentives to the tech industry and bring ease to the businessmen in accordance with the government’s vision.

Special Technology Zones being developed all across the country would be home to Science & Technology Parks, manufacturing units, research and development centers of global tech companies and software houses. It will also feature, universities, incubators, accelerators and other ecosystem players.

Before Lahore, Islamabad Technopolis was also announced earlier this year. The prime minister said the IT sector would also address the issue of unemployment facing the youth, particularly the women, besides boosting the country’s exports.

He lauded Punjab Chief Minister Sardar Usman Buzdar and other relevant ministers for allocating 800 acres of land for the purpose, which he said was the “future of the world”.

Exemplifying Amazon, Google and other tech giants, the prime minister said during COVID-19, all other businesses had faced a slump but the profits of the tech companies multiplied during the pandemic.

However, he said unfortunately, Pakistan lagged behind in the sector despite having ideal conditions including a huge young population. He said within 15-20 years, Indian tech exports boomed to $150 billion while Pakistan could reach only $2 billion.

The prime minister said as the country started achieving economic growth, the current account got disturbed owing to the import of the machinery which ultimately devalued the local currency and made the country approach IMF for loans. The country can only come out of this cycle unless it boosts its exports and allows wealth creation, he added.

Citing the Chinese model of development, the prime minister said the country achieved remarkable progress and steered 700 million people out of poverty by eliminating corruption by jailing over 450 ministerial-level people and enhancing exports.

The prime minister called for redirecting the orientation of the government as well as the population towards enhancing exports and wealth creation. He said taking advantage of its 12 climatic zones, the country could reduce its import bill of commodities like edible oil through indigenous production of palm oil.

Calling them the biggest asset, the prime minister also emphasized the involvement of the overseas Pakistanis towards investment and wealth creation in Pakistan. He said China and India had also first attracted their own firms operating abroad to invest at home.

He said the Pakistani individuals as well as the firms operating abroad including the Silicon Valley were interested to invest in Pakistan which necessitated incentives and ease of doing business.

Prime Minister Imran Khan said the objective behind establishing the Technopolis projects in Lahore, Karachi and KP was to make Pakistan join the tech race and provide employment to the people. Earlier, the prime minister also distributed licenses among the companies which would be operating in the Technopolis. The event also marked the signing of a Memorandum of Understanding for an investment of $300 million for the establishment of another three technology zones in different parts of the country. Punjab Chief Minister Sardar Usman Buzdar said Lahore had been selected the Technopolis considering the existence of universities and other tech institutes as well as companies in the city.

He said the project would help carry out technology-based researches and studies. Meanwhile, Punjab Chief Minister Sardar Usman Buzdar called on Prime Minister Imran Khan on Thursday and briefed him about the progress of ongoing development projects in the province, administrative matters as well as the law and order situation.

Chief Secretary Punjab Kamran Ali Afzal, Inspector General Police Rao Sardar Ali Khan and Principal Secretary to CM Aamir Jan were also present. The prime minister was also apprised of the administrative measures taken to ensure uninterrupted supply of fertilizer to farmers.

The prime minister expressed his satisfaction over the administrative and law and order situation in the province and directed for further improvement. Besides, he also directed to take measures to trickle down the positive effects of government’s welfare projects.