“It would be a wishful thinking to expect investment in a country where leadership is infamous for corruption….” Says head of Commerce Standing Committee, senator Zeeshan Khanzada while speaking to The Nation.
Terming ex-premier Imran Khan as icon Senator Zeeshan Khanzada who is also head Senate Commerce Standing Committee said, brand Imran Khan has brought massive investment in technology and the start-up sector to the country, and no other political leader has had the muscle to do it to date, he also said that in their hatred of Imran Khan, the present regime has become so blind that it refuses to acknowledge the magic that Brand Khan has brought to the country.
“The start-up culture and unprecedented investment in the technology industry have made the country a nation of entrepreneurs,” he noted. Today, Pakistani youth are keen to become entrepreneurs instead of getting into the rat race for jobs.
“The hallmark of good leadership is that it starts breeding more leaders. This is what Brand Imran Khan has done to the country,” Khanzada asserted. Khanzada was responding to a report published by Technology & Innovation - Atlantic Council, which points toward a rise in investment into Pakistan when Imran Khan was heading the country.
According to the report, Pakistan’s start-ups and technology sector witnessed unprecedented growth during the COVID-19 pandemic. It says that 2021 was a record-breaking year, with technology start-ups raising $350 million, while over $227 million was raised in the first half of 2022. Pakistani start-ups have raised $322 million in 2022 so far. Additionally, Pakistan’s information technology (IT) services sector has emerged as the largest net services exporter in the country, with IT exports doubling from $1.19 billion in fiscal year (FY) 2019 to $2.62 billion in FY 2022.
The report also acknowledged the former government initiatives. According to the report, senior government leaders, including President Dr Arif Alvi, also took a keen interest in this sector, hosting regular meetings with global technologists to hear their concerns and unlock any barriers they faced. “Recognizing the potential of this sector, the government began work on establishing five Special Technology Zones (STZs) that could generate up to $5 billion in revenue in the next few years. The loosening of the regulatory environment in Pakistan further contributed to the success of Pakistan’s technology economy,” said the report.
Khanzada, endorsed that Special Technology Zone Authority has been a turning point in the tech sector growth in the country by providing legislative and institutional support for the development of Pakistan’s technology sector. “According to the State Bank of Pakistan, IT exports during July-March FY22 surged to $1.948 billion at a growth rate of 29.26% in comparison to $1.5 billion in the same period of last year. This includes telecommunication, computer and information services. This numbers proves that how Brand Khan has worked like a magic for the country growth.”
According to the report, the government, specifically the SBP and SECP, can be credited to an extent with supporting this momentum of foreign investment. “They allowed Pakistani companies to establish holding companies abroad while the operating company remained in Pakistan, something that was not permitted until February 2021, displaying an interest in addressing investors’ grievances,” it said.
“As part of my legislative responsibilities, I meet businessmen worldwide. Despite our structural problems, the international investor was comfortable bringing money into the country because they believed in the leadership. Unfortunately, the present leadership has earned only a bad name and reputation,” said Senator, Khanzaada, who heads the Commerce Standing Committee in the Senate. “It would be wishful thinking if we expect international companies to bring millions to a country where leadership is infamous for corruption,” he said.
