Aurangzeb highlights Pakistan’s IT growth at WEF

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, while addressing a high-level panel discussion at the World Economic Forum (WEF) on Thursday, highlighted the crucial role of information technology in Pakistan’s development and stability.

Pakistan’s IT sector is experiencing significant growth, positioning the country as home to the third-largest population of freelancers globally. Minister Aurangzeb highlighted this achievement during the World Economic Forum panel on ‘The Role of New Technologies in Promoting Trade and Investment.’ He emphasized the importance of building strong infrastructure, offering banking services, and ensuring policy continuity to further nurture the sector.

Aurangzeb pointed out that Pakistan was the first country to implement the Digital Foreign Direct Investment Initiative, designed to expand the IT sector both vertically and horizontally. This initiative is expected to drive digital adoption and broaden digital services, contributing to economic growth. He also shared that Pakistan’s monthly IT exports reached a record $384 million in December, reflecting the sector’s contribution to the country’s overall export growth.

The minister outlined plans to establish special technology zones and increase collaboration with international organizations like the Digital Cooperation Organization (DCO). These initiatives aim to empower the private sector and create job opportunities, helping to lead Pakistan’s economic development.

Alongside discussions on IT, Aurangzeb participated in sessions exploring how emerging technologies, such as artificial intelligence (AI), can revolutionize trade and investment. In the “Hacking Trade and Investment” session, global leaders explored strategies to improve trade and investment flows. The minister also met with officials, including Egypt’s Minister of Finance, to exchange insights on macroeconomic stability and tackling national economic challenges.