LAHORE: Prime Minister Imran Khan Thursday said that if incentivized and facilitated, the technology industry could help overcome the current account deficit of the country by boosting exports as well as addressing the issue of unemployment.
The prime minister, addressing the inauguration ceremony of Lahore Technopolis, a special technology zone, said the project would help provide incentives to the tech industry and bring ease for the businessmen, in accordance with the government’s vision.
He said the IT sector would also address the issue of unemployment to the youth particularly the women besides boosting the country’s exports.
The prime minister lauded Punjab Chief Minister Sardar Usman Buzdar and other relevant ministers for allocating 800 acres of land for the purpose, which he said was the “future of the world”.
Exemplifying Amazon, Google and other tech giants, the prime minister said during COVID-19, all other businesses had faced a slump but the profits of the tech companies multiplied during the pandemic.
However, he said unfortunately, Pakistan lagged behind in the sector despite having ideal conditions including a huge young population.
He said within 15-20 years, Indian tech exports boomed to $150 billion while Pakistan could reach only $2 billion.
The prime minister said as the country started achieving economic growth, the current account got disturbed owing to the import of the machinery which ultimately devalued the local currency and made the country approach IMF for loans. The country cannot only come out of this cycle only unless it boosts its exports and allows wealth creation.
Citing the Chinese model of development, the prime minister said the country achieved remarkable progress and steered 700 million people out of poverty by eliminating corruption by jailing over 450 ministerial-level people and enhancing exports.