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Pakistan sees record registration of IT firms
Business
April 22, 2021
ISLAMABAD: Pakistan has seen the largest-ever number of information technology companies registered during the current fiscal year, a top official said on Wednesday.
Pakistan Software Export Board (PSEB) Managing Director Osman Nasir said the PSEB is extending maximum facilitation to the IT Industry in order to enhance exports of IT products and services from Pakistan and ensure holistic IT industry growth.
âThe multipronged efforts are bearing fruit as the number of IT companies registered with the Security and Exchange Commission of Pakistan has surged to over 10,000. Fiscal Year 2020-21 witnessed the largest number of IT company registrations, with 2,826 companies registered with the Securities and Exchange Commission of Pakistan,â Nasir said in a statement.
A lot to learn from Ireland
Pakistan can achieve rapid growth by cutting tax rates, offering incentives to investors
Lack of investment means GDP growth has remained range-bound. PHOTO: FILE
KARACHI:
Although the size of Pakistan’s economy and its population differs widely with that of Ireland, there is a lot Islamabad can learn from Dublin’s experience as to how the European nation emerged as the world’s fastest-growing economy after recession in 2007-08.
Ireland was on the verge of default in the wake of 2008 global financial crisis. However, in 2015, it reported an astonishing gross domestic product (GDP) growth of 26.3% with the help of aggressive tax incentives to investors and by widely opening its doors for foreign investors.