Project Description
The Who
Pakistan is ranked at number 2 for freelance development in the world
Pakistan has more than 300,000 English-speaking IT professionals with skills in new Tech areas such as:
- UX/UI/AI/VR/blockchain/gaming/Cloud/AWS/Phyton/Java/SQl/C++.
- More than 20,000 IT graduates/engineers are entering the market every year.
Pakistan worlds 5th largest population and 60% of its 200M population is 15-29 years, an enormous human capital.
Pakistan 360K Software Developers in Pakistan 300+ Startups started last year 35+ Incubators & accelerators across Universities, Private and Public sectors 3 Unicorns with R&D in Pakistan.
The What
- Pakistan middle class to grow to 122m by 2025, the largest increase after China/India
Pakistan consumer market growing very fast as reflected by tele-density which is more than 150 million.
90m broadband internet users, a critical mass startups can now acquire 10s of millions of users, most of whom are young, urban and early adopters of technology.
Pakistan Household Economic Survey, analysis assuming 8% growth rate through 2025 which grew at 9% CAGR in last 20 years $257 B Consumer Spending 2020.
According to Pakistan Vision 2025 and Digital policy, the ICT industry size will reach $20 billion by 2025.
The How
Pakistan has 13 Software technology parks to boost innovation and more than 2000 IT companies
Internet adoption growth rate of staggering 23% (on a YoY basis)
Still a low-cost Tech innovation market compared to regional markets
5-6% growth in GDP over the next three years through digitalization
- Foreign Investor friendly policy include:
- Zero income tax on IT exports till June 2025
- Tax break for IT start-ups for three years
- 100% foreign ownership of IT companies
- 100% repatriation of profits for foreign IT investors
- Tax holiday for venture capital funds till 2024
In Short
Pakistan performing at 3% under 7% GDP growth rate average of Southeast Asian economies offering a low-cost infrastructure for innovation.
The growth is powered by foreign friendly government investor policies and digitalization investments in infrastructure. The Pakistan market is a good alternative to neighbouring Asian markets that are becoming expensive/legislatively heavy and saturated to navigate in.
Pakistan has good talent pool in new technologies with 20.000 new English speaking IT students entering the job market every year. It is simply Pakistan’s turn to become the next hotspot for new IT innovations in Asia. With excellent trade deals in the region Pakistan can become a driving engine to help the world with new Tech innovations on new technologies.