Upcoming SIFC Gathering: Deliberations on 5G Auctions, Freelancing, and Digital Transaction Methods

In the upcoming sixth meeting of the Special Investment Facilitation Council (SIFC), six agenda items about the Ministry of IT & Telecom will be addressed. This significant meeting will take place at the Prime Minister’s House and chaired by Caretaker Prime Minister Anwar-ul-Haq Kakar, will focus on various key matters.

Among the agenda points are discussions on the 5G auction, initiatives taken to support High Tech IT HR and freelancers, efforts to introduce digital payment solutions, the establishment of virtual Special Technology Zones (STZs), and the formulation of national space policy and rules. Additionally, the State Bank of Pakistan will provide insights into digitization efforts and enhance foreign exchange retention for IT companies.

The Ministry of IT and Telecom has already submitted a summary for the creation of a spectrum auction committee to the federal cabinet, aiming to address obstacles in the way of the early auction of 5G and the allocation of spectrum.

To support the IT sector, a fund of Rs. 10 billion has been allocated for training HR, with plans to train 100,000 individuals in IT over two years. Moreover, endeavors are underway to bring PayPal and Stripe to Pakistan, with negotiations ongoing.

Addressing the infrastructure challenges faced by freelancers, the government has initiated a 50 billion rupee project to establish 5,000 e-employment centers across the country, offering interest-free loans. Furthermore, the government is collaborating with partners and donors to establish a 100 billion venture capital fund aimed at supporting startups and fostering the fintech ecosystem.