China to Invest US $ 1 billion in IT Sector

China would invest over US dollar one billion in Information Technology sector in Pakistan as sequel to the Memorandum of Understandings signed by President Asif Ali Zardari in his visit to China during the last year.

In line to discuss the modalities and procedures for investment, Ambassador of China in Islamabad Lou Zhaohui met with the Advisor to Prime Minister on Information Technology Latif Khosa here Wednesday.

The friendly country would invest in three sub-sectors of Information Technology for restrengthening the sector.

The Advisor to Prime Minister assured the envoy that all bureaucratic bottlenecks on the way to implement the projects would be overcome. He said that the government is making all out efforts to give impetus to the technology sector with ultimate aim to create more job opportunities for the talented youth of the country.

Khosa was thankful to the Chinese Ambassador who has been taking keen interest to further strengthen the existing bonds between both the brotherly nations of Pakistan and China.

The Ambassador of China also discussed the arrangements for upcoming visit of the Vice Prime Minister and Minister for Information Technology to Pakistan.

The Advisor to PM expressed the hope that the upcoming high profile visit of the Chinese Vice Premier would help take the existing relations of the two nations to new heights.

Via APP


  • Nabeel | Create Your First Website

    If you want to help the IT Industry, then first pass the anti-money laundering bill!!

    India has both Paypal and Payoneer available to them (which are both the biggest/effective methods of sending and receiving payments online), while we have none of them (Payoneer was available, but not anymore).

    Freelancers in Pakistan have been waiting since MANY YEARS for Paypal to offer its services in Pakistan, but due to State Bank and our Government’s indifference/careless attitude, it is not given any importance.

    On 4th May, users (freelancers in Pakistan providing services to foreign buyers) of Payoneer Debit Master Card received an email notifying that due to a change in requirements from their regulators, as of June 1, 2010 Payoneer cards will be blocked for transactions in the countries listed by the US government as having strategic Anti Money Laundering (AML) deficiencies.

    This card was used by freelancers all over Pakistan to receive payments for the services they provide in various freelancing websites.

    According to an article by Methtab Haider from The News, the Anti-Money Laundering and Terrorist Financing Ordinance lapsed on March 26, 2010 as the bill was not passed by the upper house of parliament, which was prorogued recently, shattering all hopes that Islamabad would come out of the list of countries vulnerable to money laundering.

    Asia Pacific Group on Financial Action Task Force (FATF) had given Pakistan February 2010 as deadline for formal conversion of the ordinance into the Act of Parliament.

    Now, the FATF is scheduled to meet at Amsterdam in June 2010, and the passage of the Anti-Money Laundering and Combating Terrorist Financing Act from parliament before that could help Pakistan improve its international ranking.

    Why is this bill still not passed? Every freelancer will face difficulties in receiving payments after June 1, 2010 if the bill is not passed, as this was the most efficient way of receiving payments.

    The upper house of parliament should pass this bill before June 1, as the National Assembly had already passed the AML bill but the bill could not be passed from the Senate.

    The Government should also look into the matter of Paypal, as it has shown interest in Pakistan, but due to some State Bank/Government rules and regulations, it is still unable to enter Pakistan.

    • Gravity

      If China is bringing in $1 billion, im sure theyll push the government to pass the AML bill AND push the state bank to make a mend to their policies or what ever which is keeping paypal from entering.

      I m a free lancer and hugely effected with this whole this!

  • Aayan

    I seriously love china for helping us and their extra ordinary friendship with Pakistan. They always help us in running economy, in business, in military training to military armor and in assisting and guiding us in every field.. i love china and i love Pakistan.

  • Rez

    New opportunities shall arise, i hope our banking system improves to match up IT, future is e-commerce.

  • Avinash

    @Aayan: yeh dude China is helping us since 1949..They’ve granted so many loans/services to Pakistan..They helped us in constructing Karakoram highway, which was the biggest investment up till now..

    Love China ;)

  • Cyko

    Along with China there are few other friendly countries and few with mutual interests are and would be ready to invest in PK but in this case lets say $1B for the show HOW MUCH would our BEAURSHIT would bag it ! SHAME on PPL who in the name of Nation Sting it hard !
    PPL look around; India alone has no. of big IT cities, China well ask me U would be stunned, Korea , Malaysia, and JAPAN.
    PPl around the world were and will be ready to pump up PK’s Industries but sorry to say we r far behind Thanks to our MONEY Bagging elites !