Category: Economy

Pakistani IT firms are making a notable impact at the Gulf Information Technology Exhibition (GITEX) 2024 in Dubai, with the country being honored as the ‘Tech Destination of the Year,’ a recognition that underscores its rapidly growing tech sector. The chairman of the Pakistan Software Houses Association (P@SHA), Sajjad Mustafa Syed, hailed this achievement, describing the event as a “game changer” for the nation’s IT industry.

GITEX, one of the world’s premier tech exhibitions, connects global industry leaders with tech startups, government officials, expert investors, and corporate buyers. This year’s event, running from October 14 to 18, has attracted significant participation from Pakistan, with 80 companies from various IT sectors and support industries showcasing their innovations.

The event holds particular importance for Pakistan, as it aims to strengthen its presence in the Middle Eastern tech market. “Being recognized as the Tech Destination of the Year on such a prestigious global platform is a pivotal moment for us,” said the P@SHA chairman, emphasizing that this accolade is set to accelerate the growth of Pakistan’s IT and ITeS (Information Technology-enabled Services) exports.

Pakistani firms also hosted an exclusive networking event, ‘Pakistan Night,’ which brought together industry leaders to discuss potential business partnerships, investments, joint ventures, and bilateral collaborations. The event reinforced the strong ties between Pakistan and the UAE, particularly in the technology and innovation sectors.

With 80 participating companies, Pakistan’s presence at GITEX is helping to create a comprehensive tech ecosystem vital for the country’s socioeconomic growth. This opportunity provides the nation a platform to enhance its global IT footprint while fostering new avenues for economic development through technology.

The Italian Navy’s Carrier Strike Group, comprising the aircraft carrier Cavour and the frigate Alpino, has arrived in Karachi for a three-day visit aimed at enhancing regional maritime security and strengthening defense cooperation between Italy and Pakistan.

The Italian fleet was warmly received by senior officials of the Pakistan Navy and the Italian Ambassador to Pakistan, Marilina Armellin, upon its arrival on Monday. This visit marks a significant milestone, as it is the first time an Italian aircraft carrier has docked in Pakistan.

In a statement, the Pakistan Navy highlighted the importance of the visit, stating, “The Italian Navy Carrier Strike Group, comprising the aircraft carrier Cavour and frigate Alpino, arrived in Karachi for a three-day visit, followed by a bilateral exercise.”

A high-level delegation led by Ambassador Armellin and Rear Admiral Stefano Barbieri met with Pakistan Fleet Commander Rear Admiral Abdul Munib to discuss “mutual interests, including interoperability and future avenues for collaboration.”

Vice Admiral Muhammad Faisal Abbasi, Commander Karachi, also toured the Cavour and was briefed on the carrier’s capabilities by the Italian Commanding Officer, Captain Francesco Fagnani.

Speaking on the occasion, Ambassador Armellin emphasized the growing defense ties between the two nations, stating, “This marks the fourth visit by an Italian naval ship to Karachi, but it is the first time our aircraft carrier has come to Pakistan. The bond of friendship between Rome and Islamabad continues to strengthen.”

She further highlighted the strategic significance of the visit: “The presence of the Italian Carrier Strike Group in the Indo-Pacific underscores Italy’s commitment to deepening cooperation with key partners like Pakistan and ensuring the security of international maritime routes.”

Ambassador Armellin also underscored Italy’s recognition of Pakistan as a vital partner for regional security, stating, “Defense plays a crucial role in our bilateral relations. Italy has been a loyal participant in the Aman Exercises, and our defense industries have actively participated in the IDEAS fairs.”

Looking ahead, she shared plans for further collaboration, adding, “I will be joining a delegation from our Ministry of Defence for the upcoming IDEAS exhibition in November.”

This visit represents a significant step forward in enhancing military cooperation and fortifying the defense ties between Italy and Pakistan.

Pakistani information technology (IT) service providers, startups, and exporters are poised to secure up to $500 million in investments by showcasing their capabilities at the Gulf Information Technology Exhibition (GITEX) 2024, to be held in Dubai from October 14-18. Industry representatives and officials announced this ambitious target on Thursday, highlighting the country’s growing presence in the global tech landscape.

GITEX, recognized as one of the world’s largest technology exhibitions, brings together industry leaders, innovative startups, government officials, expert investors, and corporate buyers. This year, Pakistani IT firms have received a significant boost, as Pakistan has been declared the event’s “Tech Destination of the Year” following their successful participation in previous editions.

Sajjad Mustafa Syed, Chairman of the Pakistan Software Houses Association (P@SHA), emphasized the magnitude of the event. “GITEX 2024 will see representation from 180 countries, over 200,000 IT service buyers, 65,000 top-level executives, and 7,000 multinational companies,” he said. “We are confident that this will generate up to $500 million in leads for Pakistan.”

Prominent Pakistani exhibitors at the event include Quixas Technology Pvt Ltd, Wateen Solutions, AutoSoft Dynamics, KODERLABS, Dynamics 360, Creation Next, and Bits Collision, according to P@SHA’s Secretary-General Nadeem Malik.

Shaza Fatima Khawaja, Pakistan’s State Minister for IT, hailed the event as a testament to Pakistan’s commitment to innovation, technology, and global collaboration. “We are excited to showcase Pakistan’s exceptional tech talent and immense potential on this prestigious platform,” she said.

Muhammad Umair Nizam, Senior Vice Chairman of P@SHA, also highlighted the industry’s significant role in Pakistan’s economy. “The IT sector remains one of the few industries in Pakistan with a trade surplus, boasting a 77 percent margin. It has the potential to generate $5 billion in foreign exchange by FY25,” he said.

Nizam added that the IT industry could help bridge Pakistan’s trade deficit, stabilize the economy, and create employment opportunities through sustained growth, innovation, and a focus on entrepreneurship.

ISLAMABAD: A high-level Saudi delegation, led by the Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih, is set to sign 25 agreements across multiple sectors during its three-day visit to Pakistan, the president’s office confirmed on Thursday.

Al-Falih, in Islamabad from October 9-11 ahead of the Shanghai Cooperation Organization (SCO) Summit, is expected to finalize $2 billion worth of business proposals. His visit highlights Pakistan’s ongoing efforts to strengthen cooperation in trade, defense, energy, and other sectors with regional allies, in a bid to attract foreign investment and support its $350 billion economy, which is facing economic challenges including depleted foreign exchange reserves and a weakened currency.

Pakistan and Saudi Arabia have been actively working to boost bilateral trade and investment, with Saudi Crown Prince Mohammed bin Salman reaffirming his commitment earlier this year to accelerate a $5 billion investment package for Pakistan.

“The Saudi delegation will sign 25 agreements in various fields, marking a new chapter in economic cooperation between the two nations,” a statement from President Asif Ali Zardari’s office read. These agreements will span sectors such as construction, infrastructure, mining, agriculture, and information technology.

During the visit, the Saudi minister will have a packed schedule, including meetings with representatives of Pakistan’s private sector and top government officials. In addition, key Memorandums of Understanding (MoUs) are expected to be signed to further enhance bilateral trade and investment relations.

The joint investment forum began on Thursday, with speeches from Al-Falih, Pakistan’s Petroleum Minister Musadik Malik, Commerce Minister Jam Kamal Khan, and Privatization Minister Abdul Aleem Khan. Aleem Khan described the Saudi visit as a “significant milestone” for both countries’ investment sectors, adding that private companies in Pakistan are ready for collaboration and investment from Saudi Arabia.

The Saudi delegation includes representatives from various industries, including energy, mining, agriculture, business, tourism, and manpower. This visit follows the recent approval of a $7 billion International Monetary Fund (IMF) bailout package for Pakistan, which is expected to bring much-needed financial stability.

The IMF noted that the success of the program depends on sound policies, reforms, and continued financial support from Pakistan’s international partners, including Saudi Arabia.

A high-level delegation from Saudi Arabia, led by Investment Minister Khalid bin Abdulaziz Al-Falih, is scheduled to visit Pakistan from October 9 to 11, 2024. This visit aims to bolster bilateral cooperation and foster a mutually beneficial economic partnership, according to a spokesperson from Pakistan’s foreign office.

In recent months, Pakistan and Saudi Arabia have worked closely to enhance trade and investment ties. Earlier this year, Crown Prince Mohammed bin Salman reaffirmed the Kingdom’s commitment to fast-tracking a $5 billion investment package for Pakistan.

Pakistan has been actively seeking to strengthen its relationships with regional partners, particularly Saudi Arabia and other Middle Eastern allies, viewing foreign trade and investment as vital to overcoming its ongoing economic crisis characterized by dwindling resources, soaring inflation, and currency devaluation.

“The delegation, which will include representatives from Saudi government agencies and the private sector, is expected to meet with Pakistan’s Prime Minister and President during their visit,” stated Mumtaz Zahra Baloch, the foreign office spokesperson. “This visit is designed to provide a positive impetus for enhancing bilateral cooperation and establishing a mutually rewarding economic partnership.”

In a separate statement, Baloch paid tribute to the 42,000 lives lost due to Israeli military actions since the onset of the conflict in Gaza on October 7, 2023. She expressed deep concern for the people of Gaza and Palestine, who are suffering from starvation and violence.

“The past year has witnessed Israel’s indiscriminate and horrific attacks on civilian targets, including hospitals, schools, and shelters,” she remarked.

Baloch urged the United Nations Security Council to take decisive action and impose an immediate ceasefire in Gaza, demanding accountability for Israel’s alleged “war crimes” in the region.

She also criticized Israel’s foreign minister for barring UN Secretary-General Antonio Guterres from entering Israel, stating that Islamabad condemns any actions that impede the United Nations and its agencies’ operations in occupied Palestine.

“We call on the international community to safeguard the role of the United Nations,” she added. “We also welcome the UN Security Council’s decision to condemn the recent measures taken by the Israeli authorities against the UN Secretary-General.”