Islamabad, Dr. Umar Saif, Caretaker Minister for Information Technology and Telecommunication, announced the introduction of Dollar Retention Accounts in collaboration with the State Bank of Pakistan to support IT companies. Speaking to the media in Islamabad, he outlined the benefits of this initiative, which will allow IT companies to retain fifty percent of the dollars earned from abroad and freely invest any amount of their choice.

According to Ministry of Information and Broadcasting reported that Dr. Saif expressed confidence in the potential of these accounts to increase Pakistan’s IT exports to around eighteen billion dollars per annum. He emphasized the government’s commitment to enhancing the IT sector’s growth and capabilities.

The Minister also mentioned the government’s plans for the E-Rozgar Program, aimed at training freelancers, given that Pakistan has the second-largest online workforce in the world. Additionally, he highlighted the importance of focusing on local start-ups, noting that eight hundred million dollars were invested in Pakistan-based new ventures during the last three years. This approach is expected to further stimulate innovation and economic growth in Pakistan’s burgeoning IT and start-up ecosystem.