One Homes is dedicated to looking out for investor interests and is particularly excited about Pakistan’s economic boom driven by investments in IT and startup culture. With a growing startup ecosystem and a focus on the digital economy, Pakistan is charting a course towards a prosperous future, creating new opportunities for its young population. Here are the most promising amidst the recent developments.
Google Cloud Startup Competition: A Launchpad for Innovation
The competition saw over 700 submissions from 70 cities, culminating in a grand finale at IBA, Karachi. It showcased over 1,300 startups and developers, highlighting the immense potential within Pakistan’s startup ecosystem.
“As incubators of innovation, startups possess immense potential to reshape traditional industries for a digital-first future, creating new economic opportunities for Pakistan,” said Farhan Qureshi, Regional Director, Google. This initiative aimed to support the growth of startups by equipping them with the necessary tools to scale, thus investing in Pakistan’s long-term prosperity.
Government Support for the IT Sector
According to the Economic Survey of Pakistan (2023-24), the IT industry generates annual exports of around $2.6 billion. The government aims to increase this to $15 billion within five years, necessitating the training of 200,000 specialized IT professionals.
The present government has earmarked over Rs79 billion for the IT sector in the 2024-25 budget, the highest allocation in the country’s history. This investment proves the government’s commitment to strengthening digital infrastructure and enhancing internet connectivity.
Growing Internet Penetration
The growth in internet penetration, with 111 million internet users and 71.7 million social media users at the start of 2024, highlights Pakistan’s potential in the digital economy. The rapid expansion of digital payment systems and the e-commerce market is driving this growth. IT exports reached approximately $2.5 billion in the fiscal year 2023-24 and are expected to reach $5 billion in the next two years.
Pakistan’s IT and ITeS Export Strategy
Pakistan’s Information Technology and IT-enabled Services (ITeS) Export Strategy, is a collaborative effort with the Pakistan Software Export Board (PSEB), PricewaterhouseCoopers (PwC), and international partners. The strategy aims to increase the IT workforce by 200,000 qualified individuals, potentially quadrupling IT exports to $5 billion.
How Can This Benefit You?
Join us at One Homes and be part of Pakistan’s transformation into a digital economy powerhouse. With a growing youth population, enhanced digital infrastructure, and increased investment in education and connectivity, Pakistan is on the path to sustainable development and economic growth. Seize this opportunity to invest in a prosperous future.
Contact One Homes today to explore prime real estate opportunities and secure your place in Pakistan’s dynamic growth story.
