Cheng Xizhong, a guest lecturer at Southwestern College of Political Science and Law, has stated that a partnership between Pakistan and China in the IT industry will promote the growth of Pakistan’s IT sector and the execution of its technology plan.
Prime Minister Imran Khan said during a meeting with top leaders from Chinese companies during his recent visit to China that the IT sector can attract investments, generate taxes, and stimulate the economy.
According to an article written by Prof Cheng, a senior Security Attaché in South Asian states, many Chinese IT companies are now building a factory in Pakistan, thanks to Prime Minister Imran Khan’s encouragement.
The Pakistani government has proposed unprecedented incentives to support information technology and the information company’s growth, as well as an expedient resolution to the sector’s problems.
The formation of financing to stimulate the expansion of the IT sector has been accepted for a total value of Rs.10 billion, according to Minister Shaukat Tarin.
IT firms should consider offering bonuses, a 5% sales tax credit, allowing employees to return profits home, and allowing workers to open accounts in US dollars for IT export earnings, among other things.
His remark follows the announcement by the Pakistani government of a special tax reduction programme targeted at increasing the country’s IT commerce.
Although the outbreak, Pakistan’s technology sector defied the odds by exporting $1.5 billion in the financial year 2019-2000, a remarkable 24 per cent rise over the previous year.
The $3.5 billion targets for the present financial year is projected to be exceeded. According to Pakistan’s authorities, over $5 billion in exports would be accomplished by 2022-2023.
In addition, the Pakistani government places a strong emphasis on educational projects including information technology. Approximately 2.2 million learners, such as those in rural areas, have taken digital skills classes.
He goes on to say that because IT work is not bound by geography or category, it is assisting women in achieving greater independence by allowing them to study from anywhere.
Pakistan’s government is currently emphasising digital economy development goals to align with far programmes such as the China-Pakistan Economic Corridor and Islamabad Strategy 2025.
Pakistan’s textile, foodstuff, farming, and telecom sectors, as well as the medical and design companies, are progressively adopting technology to stay up with the incredibly quickly world.