KARACHI:
IT consultants and experts urge a strategic exploration of new and non-traditional markets, particularly the Gulf Cooperation Council (GCC) countries. The aim is to attract foreign direct investment (FDI) and boost exports in the field of Information Technology (IT) and IT-enabled services.
Many leading companies have already established their presence in these markets by setting up regional and representative offices to increase exports of IT services to these countries. This move should be followed by different IT companies and established technology based startups.
In discussions with The Express Tribune, they pointed out that Pakistani IT companies could cultivate strong business relationships with GCC-based companies by offering them equity and then expanding their business and operations in the GCC and the Middle East region and of North Africa (MENA). They emphasize that the Gulf region’s emphasis on diversifying its economy aligns with Pakistan’s IT strengths, creating a mutually beneficial partnership. Pakistani IT companies are playing an important role in developing the GCC’s digital infrastructure, particularly in areas such as finance, healthcare and education.
Furthermore, they emphasize that the cultural similarities between Pakistan and the GCC countries encourage stronger business ties. Shared values and linguistic commonalities enhance communication and understanding, facilitating smoother IT collaboration.
SI Global Solutions CEO Noman Said shared his views with The Express Tribune, stating, “Pakistan’s IT industry’s strategic focus on the Gulf Cooperation Council (GCC) countries for exports reflects a symbiotic relationship that has blossomed with the years”. He says this targeted approach stems from the shared economic interests and cultural affinities between Pakistan and the GCC nations. Pakistan’s IT sector has identified the GCC as a lucrative market due to the growing demand for technology solutions and services.
Reading Govt takes steps to boost IT investment: PM
As the digital landscape continues to evolve, this strategic alignment positions Pakistan as a trusted partner for GCC countries to achieve their digital transformation goals. The synergy between Pakistan’s IT capabilities and the evolving needs of the Gulf establishes this partnership as a win-win scenario, driving economic growth for both parties. In conclusion, he said, the focus of Pakistan’s IT industry on the GCC countries is a strategic move that leverages common economic goals, technological strengths and cultural ties to promote strong and mutually beneficial cooperation in the field of information technology.
Muhammad Umair Nizam, P@SHA member and Project Director at ITCN Asia, said that the Special Investment Facilitation Council (SIFC) and the current Federal Minister of Information and Telecommunications, Dr. Umar Saif, have actively strengthened Pakistan’s presence in the GCC. region led by multiple delegations in countries such as Qatar, Saudi Arabia, Kuwait and others. He stressed that Pakistan should seize this opportunity and capture as much of the market as possible in the next year and a half.
Analyst Muhammad Yasir highlighted that currently, the Kingdom of Saudi Arabia (KSA), United Arab Emirates (UAE) and Qatar are the fastest growing economies in the world with major economic plans known as Saudi Vision 2030, UAE Vision 2030, and Qatar National Vision 2030, respectively.
“These states are making investments to achieve the goals of their grand plans by inviting the Ministry of Information Technology and Telecommunication (MoITT) along with Pakistan Software Export Board (PSEB) and Pakistan Software Houses Association (P@SHA). MoIT, PSEB and P@SHA recently participated in various activities in these states, attending major trade fairs, holding meetings with state level delegations and participating in networking events.
They received an overwhelming response from the host countries,” he said. He called for further strengthening trade ties with these countries to the next level in the IT sector and creating meaningful results in increasing exports based on a comprehensive roadmap and trade diplomacy.
Published in The Express Tribune, December 31St2023.
Like Businesses on Facebook, follow @TribuneBiz on Twitter to stay updated and join the conversation.
a href=”https://tribune.com.pk/story/2451692/it-experts-urge-exploration-of-gcc-markets”>Source link
