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  • Amazon Software Technology Park inaugurated

    Amazon Software Technology Park inaugurated

    ISLAMABAD: Amazon Software Technology Park, which is established in collaboration with Pakistan Software Export Board and Amazon Mall, has been inaugurated on Wednesday.

    Federal Minister for IT and Telecommunication Syed Amin Ul Haque inaugurated the technology park.

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    MD Pakistan Software Export Board (PSEB) Osman Nasir, Chairman Amazon Software Technology Park Shafiq Akbar, officers of Ministry of IT & Telecom and PSEB were also present in the ceremony.

    Addressing the inaugural ceremony, Federal Minister for IT and Telecommunication Syed Amin Ul Haque said that Pakistan’s IT companies were providing services to world institutions in over 120 countries.

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    He said that Pakistan’s IT industry was rapidly progressing and our IT exports are also increasing. He said that technology was changing with every passing day, adding that we have to equip our youth with modern technology.

    He said youth are country’s asset, adding that steps are being taken to connect the masses in rural areas with digital world. Connectivity is the topmost priority of the government and it is because of broadband facility we can connect with digital world, he said.

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    The Federal Minister for IT said that presently 22 Software technology parks were operative in small cities and we have set the target of taking the number of technology parks up to 40 by December 2022.

  • PSEB, PSX to sign agreement for increasing listed tech companies

    PSEB, PSX to sign agreement for increasing listed tech companies

    ISLAMABAD: Pakistan Software Export Board (PSEB) and Pakistan Stock Exchange (PSX) will sign an agreement to enhance the number of listed technology companies.

    A statement issued on Friday said that the Memorandum of Understanding (MoU) is a giant leap forward for the development of Pakistan’s IT Industry.

    This would be the first-ever MoU between PSEB and Pakistan Stock Exchange.

    The aim is to increase the number of listed technology companies on the PSX Main Board & GEM Board which would in turn help to strengthen the financial ecosystem for IT sector growth and build a strong brand image of Pakistan’s IT industry in the international markets.

    There are significant benefits for Pakistani technology companies to list on the stock exchange. By listing on the stock exchange, a company gains instant credibility and stature with prospective clients and suppliers.

    This is a significant advantage particularly for Pakistani tech companies as it makes it easier to solicit overseas customers due to the increased credibility that comes from being listed on a reputed platform such as the Pakistan Stock Exchange.

    Listing on the stock exchange also improves corporate governance, and companies can maintain more autonomy and control through the ability to rapidly raise low-cost capital compared to banks, venture capitalists, or private investors.

    Managing Director PSEB Osman Nasir said that one of the main factors impeding the growth of Pakistan’s IT sector is access to capital. Pakistani tech companies that get listed on a Pakistan Stock Exchange would be able to raise funds by issuing more shares which can subsequently be used for further business expansion.

    He said that PSEB would work with Pakistan Stock Exchange to conduct seminars, workshops, and events to create awareness about the benefits for IT/ITeS companies for listing on PSX and work with PSX authorized financial advisors, consultants, and lead managers to assist the selected IT/ITeS companies for the listing.