ISLAMABAD: Prime Minister Shehbaz Sharif has directed authorities to ensure timely completion of all ongoing projects relating to the information technology (IT) sector to help Pakistan meet $25 billion annual IT export target in the next few years, Pakistani state media reported on Monday.
The directives came at a meeting presided over by the prime minister to review progress of ongoing IT projects and implementation of measures to increase IT-related exports, the Radio Pakistan broadcaster reported.
Officials briefed PM Sharif that work on an IT park project in Islamabad was underway at a fast pace and the project completion time had been brought earlier to February from June next year.
“This project will significantly increase domestic IT exports,” PM Sharif was quoted as saying at the meeting. “It will prove to be a milestone in achieving the target of IT exports of 25 billion dollars.”
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month reached a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan deal. The South Asian country is making desperate attempts to boost exports, particularly in the field of IT, and foreign investment to cut its reliance on foreign debts to support its $350 billion fragile economy.
In May, State Minister for IT and Telecommunication Shaza Fatima reportedly told a tech event that the government had set a target of increasing IT exports to $25 billion for which collaborative efforts were needed to build a digital future that was inclusive, sustainable and secure.
Pakistan has also established four new special technology zones that can house up to 50,000 professionals and have an annual export potential of $350 million, the country’s Special Technology Zones Authority (STZA) said last week.
The newly designated zones include the Mindbridge Special Technology Zone in Lahore, Capital Smart Technology Zone in Rawalpindi, and NUST Special Technology Zone and Tech7 Special Technology Zone in Islamabad, according to the STZA.
These zones, consisting of 1.4 million square feet high-quality tech infrastructure at 130 acres of land, will foster innovation, drive economic growth, enhance technology exports and position Pakistan as a key player in the global technology arena.
Pakistan PM orders timely completion of IT projects to meet $25 billion export target
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Pakistan PM orders timely completion of IT projects to meet $25 billion export target
- Pakistan government has planned to boost annual IT-related exports to $25 billion in the next few years
- The country recently established four new special technology zones that can house 50,000 professionals
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
