Pakistan’s IT prowess was on full display at Riyadh’s LEAP 2024
15 March 2024
Published in: Arab News
In the realm of IT and Telecom collaborations between Saudi Arabia and Pakistan, the strong presence of Pakistan at LEAP 2024 in Riyadh underscored the potential for even stronger ties in the future. This premier tech event brings together some of the brightest minds globally, offering a dynamic platform for tech innovators, industry leaders, and experts to collaborate, explore innovations, establish partnerships, and engage with influential mentors and investors. In the previous year, LEAP generated over $9 billion in business, attracting over 172,000 individuals, including global tech leaders, IT professionals, speakers, tech gurus, and investors, establishing itself as the fastest-growing tech event worldwide.
Pakistan’s contingent is one of the largest at this year’s LEAP with 74 companies and over 500 attendees demonstrating a robust Pakistani business presence with promising prospects in the KSA market. These companies are showcasing solutions in AI, IoT, blockchain, cybersecurity, cloud solutions, health tech, fintech, web and mobile app development, open source, e-commerce, data services and more. Of these Pakistani firms, 27 were part of the Pakistan Pavilion at the exhibition, while more than 45 others, including 20 startups, were independently presenting their ideas and innovations at the event.
As Pakistan’s envoy to Saudi Arabia, I inaugurated the Pakistan Pavilion at LEAP 2024 and witnessed the signing of an equity partnership agreement between Pakistan’s SuperNova Solutions and a group of influential Saudi investors. The presence of Pakistani firms in such large numbers at LEAP 2024 underscored the potential for even stronger ties with Saudi Arabia and the Middle East in the IT sector.
The country’s pavilion was visited by representatives of major IT & ITeS (information technology-enabled services) companies from around the world, including top governmental organizations in the tech sector of the Gulf region.
Building upon the success of Pakistani companies at LEAP 2023 and the recent increase in IT exports to KSA, Pakistan must view this as a timely opportunity to showcase its IT/ITeS companies on the international trade platform and expand business in the Middle East market, particularly in Saudi Arabia, which is undergoing transformation with its Vision 2030. Saudi Arabia, boasting the largest economy in the Middle East and ranking among the top 20 globally, holds a significant share in the tech industry.
Pakistan’s IT industry has experienced remarkable growth, ranking among the country’s top five export sectors. The industry benefits from a robust infrastructure, including 40+ Software Technology Parks and Special Technology Zones, while exporting IT services to over 170 countries across various domains. The government, through the Pakistan Software Export Board (PSEB), actively supports the IT industry, offering 100 percent equity ownership, 100 percent repatriation of capital and dividends, and income tax credits for IT exports to foreign investors. Pakistan’s status as the fourth largest English-speaking nation and the second largest provider of online labor in software development positions it as an attractive tech destination
Pakistan’s strategic location positions it as a gateway to Central Asia, making it an optimal choice for establishing a digital corridor providing access to Middle Eastern, African and Asian states. With an impressive network of 6-8 marine cables ensuring advanced connectivity, coupled with a favorable time zone advantage, Pakistan enhances operational efficiency with nearly equal time differences to both London and Sydney.
The abundant opportunities in Pakistan are undeniable, with approximately 75,000 IT graduates each year and a skilled workforce ready to contribute to the digital industry. Professionals in accounting, law, design, and marketing further augment the workforce, offering offshore services. Additionally, Pakistan’s ability to deliver high-quality services at competitive costs, with a remarkable 70 percent reduction in operational expenses compared to North America, has earned it the title of the most financially attractive country for outsourcing, as per Kearney’s global 2023 report.
Considering these factors, Pakistan emerges as an ideal destination for various IT products, solutions, and services. The country’s favorable geographic location, robust connectivity, and talented workforce make it a prime location for leveraging these opportunities. The government’s renewed approach to branding Pakistan as a lucrative TechdestiNation and enhancing its international presence has significantly broadened the horizons for Pakistani IT companies to expand their business globally.
As Pakistan navigates the complexities of the 21st century, it recognizes the pivotal role of technology in shaping its future trajectory. The country’s participation in LEAP 2024 underscores its determination to leverage innovation as a catalyst for inclusive growth, sustainable development, and global competitiveness. Through active engagement in forums like LEAP, Pakistan aims to position itself as a key player in the global technology landscape while addressing the unique challenges and opportunities within its borders.
With a substantial presence at Leap 2024, Pakistan reiterates its readiness to take on the world and is open for business. The collaboration between KSA and Pakistan at this event not only strengthens bilateral ties but also propels both nations into a future characterized by technological advancements and mutual prosperity.
