Pakistan is third-largest population of freelancers: FM Aurangzeb tells WEF

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb has highlighted the crucial role of information technology in Pakistan’s development and stability, reported 24NewsHDTV channel. 

Addressing a high-level panel discussion at the World Economic Forum (WEF) on Thursday, Aurangzeb emphasized that Pakistan had made significant vertical progress in IT and was home to the third-largest population of freelancers, which he said was fortunate for the country. 

The minister addressed the panel on ‘The Role of New Technologies in Promoting Trade and Investment,’ according to a press release issued by finance ministry here. 

He emphasized that providing the best eco-system, robust infrastructure, bandwidth, banking options, policy framework, and policy continuity was the top priority for the IT sector in Pakistan. He said, Pakistan was the first country to implement the Digital Foreign Direct Investment Initiative and highlighted horizontal expansion of IT to benefit from its universal benefits. Aurangzeb said the Pakistan Digital Foreign Direct Investment Initiative would help drive this growth. The minister said consultations with stakeholders in the IT sector were underway to promote digital infrastructure, digital adoption, and new digital services. 

He said Pakistan’s monthly IT exports reached a record high of $384 million in December and helped Pakistan expand its traditional export base and added that collaboration with the Digital Cooperation Organization (DCO) will strengthen the IT sector.

He said special technology zones will be operationalized, and the private sector will be made a leader in the country’s economic development, creating job opportunities.

Aurangzeb said Abu Dhabi DP World and Abu Dhabi Ports have invested in Pakistan’s maritime and ports sector adding Pakistan would work with these companies to improve security and efficiency in customs. Discussions at the World Economic Forum focused on the role of new technologies, including AI, in revolutionizing trade and making investment more accurate and profitable. Preparations for IT solutions related to trade, finance, and investment, as well as their effective and profitable use in global markets, were also discussed. 

The discussions were organized by the World Economic Forum’s Center for Rights, Trade and Geo-Politics and were attended by the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al-Zeyoudi, Secretary-General of the Digital Cooperation Organization (DCO), Dima Al-Yahya, and CEOs of various global companies. 

Meanwhile, the minister also attended the Informal Gathering of World Economic Leaders (IGWEL) session titled “Viable Growth in a Volatile Era.” Other notable participants included Samir Abdelhafidh, Minister of Economy and Planning of Tunisia; Faisal Alibrahim, Minister of Economy and Planning of Saudi Arabia; Mohammed Al-Jadaan, Minister of Finance of Saudi Arabia; and Abdulla Bin Touq Al Marri, Minister of Economy of the UAE.

The session focused on strategies for achieving sustainable and inclusive growth amid global economic uncertainties. Aurangzeb participated as a speaker in a live-streamed session titled “Hacking Trade and Investment”. The session brought together global leaders, including Theodore Krantz, Mounir Nakhla, Deemah Al Yahya, Thani Ahmed Al Zeyoudi, and Miishe Addy, to discuss innovative strategies for enhancing global trade and investment flows. 

Earlier, Finance Minister also met with Minister of Finance of Egypt, Ahmed Kouchouk and briefed him on the government’s measures for achieving macroeconomic stability. The two ministers also shared their experiences in addressing national economic and development challenges.