Local firms sign $50 million contracts at IT exhibition in Islamabad

Visitors attend day two of a three-day IT exhibition in Islamabad on February 25, 2023. (AN Photo)
Short Url
Updated 25 February 2023
Follow

Local firms sign $50 million contracts at IT exhibition in Islamabad

  • The organizers now plan to take the exhibition to Mideast for increased collaboration with businesses in the region
  • Currently, 186,000 companies in Pakistan are working in the IT sector where they enjoy easy loans, tax exemptions

ISLAMABAD: Several national and international information technology (IT) companies on Saturday signed business contracts of over $50 million at a three-day exhibition in Islamabad, said the organizers of the event while hoping the multinational corporations would build a good working partnership with local firms.

The Ecommerce Gateway Pakistan organized the 22nd ITCN Asia, an information technology and telecom show, in Islamabad wherein over 200 national and international companies from China, Australia and the United Kingdom participated to display their products, build partnerships and promote the digitalization in the South Asian country.

Pakistan has been trying to increase IT exports to get more remittances to support the fragile national economy. The country has set a target of $4 billion IT exports this year and wants to achieve it by offering incentives to the local companies and freelancers.

“Different national and international companies that gathered at our platform have signed business contracts of over $50 million, and this will definitely help our IT industry to grow further and bring in more revenue from abroad,” Umair Nizam, vice-president ITCN Asia, told Arab News.

Several government institutes, such as the Securities and Exchange Commission of Pakistan (SECP), National Information Technology Board (NITB), Pakistan Bureau of Statistics and National Center for Cyber Security, also participated in the event. The private firms offering solutions to cloud storage, education, health, education and artificial intelligence also exhibited their products.

“Our purpose is to bring different tech ecosystems under one platform for digital transformation, knowledge sharing and build business partnerships with each other to boost the industry,” Nizam said.

“In the next phase, we will take our exhibition to the Middle East as well to collaborate with IT firms in Saudi Arabia, the United Arab Emirates and other countries,” he continued.

At present, around 650,000 individuals in Pakistan are working as freelancers or for different IT companies to sell their solutions and services in the global market. They collectively bring in around $2.5 billion in remittances from abroad, according to the information technology ministry.

“This is the most vibrant, organized and positive industry,” Nizam said. “So, we can achieve a sharp growth in it in the shortest possible time if the government provides incentives to skilled workers and companies.”

He urged the government to declare IT a tax-free industry and provide special incentives to individuals and companies to set up their businesses in special technology zones.

There are about 186,000 IT companies currently registered with the SECP since individuals and businesses can now enlist themselves digitally with the authority in three to four hours from the comfort of their homes, said Tariq Bashir who is a deputy-director at the SECP.

“Once a company is registered with the SECP, it can enjoy all the incentives including bank loans, private and public business contracts and tax exemptions,” he told Arab News.


IMF approves $1.1 billion funding for Pakistan

Updated 29 April 2024
Follow

IMF approves $1.1 billion funding for Pakistan

  • The funding is the final tranche of a $3 billion standby arrangement Islamabad secured last year
  • Islamabad is now seeking a new, larger long-term Extended Fund Facility agreement with the IMF

ISLAMABAD: The executive board of the International Monetary Fund approved $1.1 billion in funding for Pakistan on Monday, the agency said in a statement, amid discussions for a new loan.

The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which Islamabad secured last summer to help avert a sovereign default.

The approval came a day after Pakistan Prime Minister Shehbaz Sharif discussed a new loan program with IMF Managing Director Kristalina Georgieva on the sidelines of the World Economic Forum in Riyadh.

Islamabad is seeking a new, larger long-term Extended Fund Facility (EFF) agreement with the fund after the current standby arrangement expires this month. Pakistan’s Finance Minister, Muhammad Aurangzeb, has said Islamabad could secure a staff-level agreement on the new program by early July.

Islamabad says it is seeking a loan over at least three years to help achieve macroeconomic stability and execute long-overdue and painful structural reforms.

Aurangzeb has declined to give details on the amount the country is seeking.

Islamabad is yet to make a formal request, but the Fund and the government are already in discussions.

If secured, it would be Pakistan’s 24th IMF bailout.

The $350 billion economy faces a chronic balance of payments crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year — three-time more than its central bank’s foreign currency reserves.


Four militants killed in northwest Pakistan operation — military

Updated 29 April 2024
Follow

Four militants killed in northwest Pakistan operation — military

  • The development comes amid a surge in violence in Khyber Pakhtunkhwa province, mostly blamed on Pakistani Taliban
  • Last week, Taliban militants also abducted a district and sessions judge in the same province, who was freed two days later

ISLAMABAD: Four militants were killed during an intelligence-based operation in northwest Pakistan on Monday, the Pakistani military said, amid a spate of militant violence in the region.

The operation was conducted in the Khyber tribal district of Pakistan’s Khyber Pakhtunkhwa province, according to the Inter-Services Public Relations (ISPR), the military’s media wing.

An intense exchange of fire during the operation killed four militants.

“Terrorists’ hideout was also busted during the operation and a large cache of weapons, ammunition and explosives was recovered,” the ISPR said in a statement.

A sanitization operation was being carried out to eliminate any other threats in the vicinity, the ISPR added.

The development came amid a surge in violence in Pakistan’s northwest, mostly blamed on the Tehreek-e-Taliban Pakistan (TTP), since the group ended a ceasefire with the central government in November 2022.

Last week, TTP militants abducted a district and sessions judge, Shakirullah Marwat, in the same province. The judge was recovered after a joint operation by police and security forces, police said on Monday. 

Earlier this month, six people, including five customs department officials, were killed in an attack in Dera Ismail Khan. Two customs officers were also killed in the area in a separate attack earlier.

Militants have also targeted security officials in the province in recent weeks, killing a number of police and counterterrorism department officials.

Both Pakistan and Afghanistan have traded blame in recent months over who is responsible for the recent spate of militant attacks in Pakistan.

Islamabad says the attacks are launched mostly by TTP members who operate from safe havens in Afghanistan. Kabul denies this and blames Islamabad for not being able to handle its own security challenges.


Pakistan confers military award on Turkish land forces commander

Updated 29 April 2024
Follow

Pakistan confers military award on Turkish land forces commander

  • President Asif Ali Zardari conferred the award at a special investiture ceremony held in Islamabad
  • General Selcuk Bayraktaroglu, who is currently visiting Pakistan, also met Army Chief Gen Asim Munir

ISLAMABAD: Pakistan on Sunday conferred a military award, Nishan-i-Imtiaz, on Commander of the Turkish Land Forces, General Selcuk Bayraktaroglu, during his visit to Islamabad, Pakistani state media reported.

Pakistan President Asif Ali Zardari bestowed the Turkish general with the award at a special investiture ceremony held at the Presidency in Islamabad, the state-run Radio Pakistan broadcaster reported.

“The award was conferred upon him in recognition of his illustrious services and contribution toward strengthening Pakistan-Turkiye defense relations,” the report read.

The investiture ceremony was attended by foreign diplomats and high-ranking military officials.

Separately, General Bayraktaroglu called on Pakistan’s army chief, General Asim Munir, and General Sahir Shamshad Mirza, chairman of the Joint Chiefs of Staff Committee, the Pakistani military said.

During his meeting with Gen Munir, matters of mutual interest and measures to further enhance bilateral defense cooperation were discussed, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing. 

“Both sides expressed satisfaction over deep-rooted relations between the two countries, based on historic, cultural and religious affinity,” the ISPR said.

“COAS emphasized the need to further strengthen existing military to military cooperation between the two Armed Forces.”

During the meeting, the ISPR added, the visiting dignitary appreciated the role of Pakistan Army in ensuring peace and stability in the region.


Pakistan court hands life sentences to four in 2018 murder of lawmaker

Updated 29 April 2024
Follow

Pakistan court hands life sentences to four in 2018 murder of lawmaker

  • The accused were convicted of aiding, abetting, reconnaissance, and facilitating murder of Syed Ali Raza Abidi
  • Court suspends proceedings against prime accused, citing Supreme Court ruling that prohibits judgments in absentia

KARACHI: A Pakistani court on Monday handed life sentences to four accused who were convicted of aiding, abetting, reconnaissance and facilitating the murder of a Pakistani lawmaker in the southern city of Karachi in 2018.

Ali Raza Abidi, a businessman and politician, who belonged to the Muttahida Qaumi Movement-Pakistan (MQM-P) party, was shot dead outside his residence in the Defense Housing Authority (DHA) area of Karachi.

Police had registered a case against the suspects in the Gizri police station under the Anti-Terrorism Act.

“The evidence shows that all the accused persons in furtherance of their common intention are involved in the commission of murder of Syed Ali Raza Abidi and they are equally responsible for the act,” Zeeshan Akhter Khan, the Anti-Terrorism Court judge, stated in his detailed judgment.

The convicts, Muhammad Farooq, Muhammad Ghazali, Abu Bakar and Abdul Haseeb, were also fined under various sections of the Pakistan Penal Code. They can appeal the verdict within 15 days.

The court, citing a Supreme Court judgment, said since a case against absconding accused, Bilal, Hasnain, Ghulam Mustafa and Faizan, could not be proceeded in absentia, it was placed on dormant status until their arrest or appearance before the court.

Abidi was elected as a Member of the National Assembly (MNA) on the ticket of the MQM-P in the 2013 general election. He, however, quit the MQM-P following the party’s formation of an alliance with the rival Pak Sarzameen Party (PSP).

Despite briefly rejoining the MQM-P in December 2017, Abidi ultimately parted ways with the party in September 2018. He was killed months later on December 25, 2018.


Pakistani PM meets Malaysia’s Ibrahim on WEF sidelines, invites on official Islamabad visit 

Updated 29 April 2024
Follow

Pakistani PM meets Malaysia’s Ibrahim on WEF sidelines, invites on official Islamabad visit 

  • Shehbaz Sharif was in Riyadh to attend a WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29
  • The Pakistan PM invited Malaysian traders and businessmen to visit Pakistan to discuss expansion of bilateral trade, investment relations

ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Monday met his Malaysian counterpart Anwar Ibrahim in Riyadh and invited him to visit the South Asian country, Sharif’s office said. 
The two leaders met on the sidelines of a two-day World Economic Forum (WEF) summit in Saudi Arabia’s capital of Riyadh, according to PM Sharif’s office.
During the meeting, both sides agreed to further develop relations.
“The two leaders also agreed to hold the next meeting of the Joint Ministerial Commission in Islamabad soon,” Sharif’s office said in a statement. 
“The prime minister reiterated his invitation to Malaysian Prime Minister Anwar Ibrahim to pay an official visit to Pakistan.”
The two leaders discussed bilateral ties in the fields of education, science and technology, livestock and trade, and vowed to further enhance cooperation in the future, according to the statement.
PM Sharif also invited Malaysian traders and businessmen to visit Pakistan to discuss the expansion of bilateral trade and investment relations.
The Pakistan prime minister was in Riyadh to attend the WEF special meeting on Global Collaboration, Growth and Energy for Development on April 28-29.
Sharif spoke about Gaza at the closing plenary of the two-day summit and held several bilateral meetings, particularly with Saudi officials, during the visit.