ISLAMABAD: Pakistan Caretaker Federal Minister for Information Technology, Telecom and Science and Technology Umar Saif has said that after the signing of a memorandum of understanding between Pakistani and Saudi institutions, the way for foreign investment in Pakistani startups has been paved.
The caretaker federal minister said this in a post on X, in which he also shared photos of the MoU signing ceremony. Saudi Arabia yesterday signed a memorandum of understanding with Pakistan aimed at expanding bilateral cooperation in the fields of communication and information technology through digital transformation, promotion of innovation, and development of digital infrastructure.
According to the Saudi news agency, the Kingdom’s Minister for Communications and Information Technology Engineer Abdullah Al Soha, and Pakistan’s Federal Minister for Information Technology,nationa Telecommunication, Science and Technology Dr. Umar Saif signed the agreement in Riyadh.
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After signing this MoU, the two countries will form a task force to promote Saudi-Pakistan digital cooperation. Under the terms of the agreement, Saudi Arabia and Pakistan will strengthen their SME and startup ecosystems by sharing information and assisting in relocation to business accelerators and incubators for emerging technologies.
The two countries will collaborate on policies, regulations, and legislation in the areas of digitization and electronic manufacturing. Under the MoU, the two countries will explore how entrepreneurs and businesses can benefit from investments in technology and venture capital.
The two countries want to deepen their digital economic ties by evaluating and qualifying companies for cooperation opportunities in their respective ICT markets.
Pakistan and Saudi Arabia will cooperate in e-governance, smart infrastructure, e-health, e-education, and emerging technologies such as AI, IoT, robotics, cloud computing, e-gaming, and blockchain.
The MoU aims to enhance research and innovation through joint ventures, training programs innovation centers, centers of excellence, and university branches for advanced technologies. Both countries will improve their digital infrastructure by expanding their fiber optic networks, data centers, and cloud computing connectivity.
It is hoped that this MoU will encourage Pakistan and Saudi Arabia to participate in each other’s international events and exchange information between their private and public institutions in IT development and electronics.
