In a significant move to enhance cooperation in the field of Information Technology, Saudi Arabia is set to establish a dedicated desk aimed at streamlining the registration process for Pakistani IT companies seeking to establish a presence in the Kingdom. The announcement was made by Pakistan’s caretaker IT Minister, Umar Saif, during his visit to Saudi Arabia.
This development comes in conjunction with the signing of a Memorandum of Understanding (MOU) in Riyadh, signifying a commitment by both nations to bolster bilateral cooperation in the realm of information technology.
The MOU, signed by Saudi Arabia’s Minister of Communication and Information Technology, Abdullah Al-Swaha, and Pakistan’s caretaker IT Minister, Umar Saif, focuses on several key areas. These include accelerating the process of digital transformation, fostering a culture of innovation, and advancing digital infrastructure. Notably, the agreement places a strong emphasis on encouraging small and medium-sized enterprises (SMEs) and startup ecosystems in both countries.
One of the key aspects of this collaboration is the facilitation of initiatives related to the transfer of businesses and the exchange of information regarding accelerators and incubators for emerging technology.
Umar Saif, Pakistan’s IT Minister, highlighted the potential for startups in Pakistan to attract investments from Saudi investors. He stated, “These startups have raised over $800 million in just the last two years and are now at a point where they’re about to take off. I think each of these startups has the potential to become a billion-dollar company.”
During his visit to Saudi Arabia, Minister Saif held meetings with several high-profile officials, including Saudi Minister of Investment Khalid Al-Falih. Following these discussions, Saif announced on social media that Al-Falih had instructed the Ministry of Investment to establish a special desk for Pakistani IT companies to register and obtain licenses for operating in Saudi Arabia.
Furthermore, Saif emphasized the importance of chip manufacturing, a mutually beneficial area of interest for both countries. He noted that the Kingdom of Saudi Arabia has invested significantly in semiconductor fabrication, while Pakistan possesses the technical expertise to collaborate effectively in this domain.
The Minister also highlighted Pakistan’s substantial lithium reserves, which hold the potential for lithium-ion battery production – a crucial component of future sustainable energy solutions. He suggested that collaboration between the two nations could harness these resources effectively.
According to the statement by the Pakistan Embassy in Riyadh, the two countries will work together to explore how entrepreneurs and businesses can leverage technology investments and venture capital. Their primary goal is to strengthen digital economy connections and assess and certify companies for collaborative opportunities within the information and communication technology markets.
The MOU also paves the way for cooperation in various sectors, including e-governance, smart infrastructure, e-health, e-education, and emerging technologies like artificial intelligence, robotics, and blockchain. Both nations are committed to enhancing their digital infrastructure, including fiber optic networks, data centers, and cloud computing resources.
The agreement encourages engagement in each other’s international events and promotes information exchange between public and private sector entities involved in IT development and electronics.
This collaboration represents a significant stride in strengthening the bonds between Saudi Arabia and Pakistan in the realm of information technology, setting the stage for innovative ventures and mutually beneficial advancements in the digital landscape.
