The recent dollar crisis has prompted Pakistan’s freelancers to stash away an estimated $3 billion to $4 billion abroad, according to Shaukat Tarin, a former finance minister and senator of Pakistan. A further $50 billion in IT exports, he said, was possible in the following five years.
Tarin made this statement during a hearing before Senator Zeeshan Khanzada’s Commerce Committee. There needs to be a plan developed, he said, to boost IT exports. Additionally, he mentioned that five of Pakistan’s 27 economic zones are now operational.
According to Senator Shaukat Tarin, Pakistanis involved in e-commerce have access to between $3 and $4 billion in assets located in countries other than Pakistan. According to him, the current administration hasn’t done enough to help the e-commerce industry.
He said that the present administration had abandoned policies put in place by its predecessor to boost the electronic commerce industry. Freelancers’ issues, according to Tarin, were resolved during his administration.
As Tarin explained further, the contractors have been taxed and are taking $3 billion to $4 billion out of the country. He continued, “Pakistan is desperate for funds, and those dollars are sitting in foreign banks. He also requested action on this matter from the Federal Board of Revenue and the State Bank of Pakistan.
The Commerce Ministry backed up Tarin’s statements. The representatives told the committee that 90% of all e-commerce is conducted locally with cash-on-delivery transactions. Estimates placed Pakistan’s e-commerce market size at $5.9 billion in 2021, making it the 37th largest in the world.
The authorities also informed the Committee that 4,445 businesses in Pakistan have signed up to participate in electronic commerce. Government officials have also confirmed the launch of e-commerce in Pakistan’s agricultural sector. Tarin proposed implementing strategies to increase agricultural e-commerce.
Nine non-traditional sectors are included in the Strategic Trade Framework Policy, according to Ministry of Commerce representatives who briefed the Committee.
