Pakistan’s substantial presence at LEAP 2024 in Riyadh suggests that future ties between Saudi Arabia and Pakistan in the technology sector may be even tighter.
Some of the brightest minds in the world come together for this premier technology event, which offers a vibrant platform for tech entrepreneurs, industry leaders, and experts to collaborate, explore breakthroughs, form partnerships, and network with well-known mentors and investors.
With over 172,000 attendees including global IT executives, IT professionals, speakers, IT gurus, and investors, LEAP made over $9 billion in revenue last year, solidifying its status as the fastest-growing innovation event globally.
With a 162 square metre pavilion housing 74 companies and more than 800 delegates, the Pakistani participation at LEAP this year is one of the largest, demonstrating a robust corporate presence in Pakistan and promising prospects in the Saudi market. These companies offer solutions in a variety of fields, including artificial intelligence (AI), the Internet of Things (IoT), blockchain, cybersecurity, cloud computing, health technology, finance, open source, e-commerce, and data services.
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To set the tone for LEAP, PSEB and P@SHA organised the “Saudi-Pak Tech Forum” on March 3, 2024, in collaboration with the Pakistan Embassy in Riyadh and other stakeholders. The Chief Guest of the event was Secretary General DCO Deemah Alyahya.
The forum, which attracted a sizable number of notable Saudi government and private institutions, offered Pakistani companies a great chance to network with their Saudi counterparts, the IT sector, government agencies, and IT associations ahead of LEAP, creating a supplementary pool of potential customers and worthwhile business leads. Speaking at the occasion, CEO of PSEB Aisha Moriani underlined the value of bilateral cooperation and building on the achievements of Pakistani businesses at LEAP 2023.
The rise in IT exports to Saudi Arabia in recent times. Pakistan views this as a great chance to advertise its IT/ITeS businesses on a global trade platform and grow its market share in the Middle East, particularly in Saudi Arabia, which is transforming under Vision 2030. Saudi Arabia is a major player in the technology sector, having the biggest economy in the Middle East and a ranking among the top twenty in the world.
Pakistan’s IT sector is now one of the top five export industries in the nation after a rapid expansion.
With more than 40 Software Technology Parks and Special Technology Zones, the sector has a robust infrastructure and exports IT services to more than 170 countries in a range of domains.
With the Pakistan Software Export Board (PSEB), the government actively promotes the IT sector by offering foreign investors income tax breaks, 100% capital and dividend repatriation, and 100% equity participation in IT exports.
Being the second-largest supplier of online workforce for software development and the fourth-largest English-speaking nation makes Pakistan a desirable Techdestination. Pakistan is ideally situated to establish a digital corridor linking the governments of the Middle East, Africa, and Asia, given its strategic position as a gateway to Central Asia.
Pakistan maximises working efficiency by having nearly equal time differences with both Sydney and London, thanks to its amazing network of 6–8 marine cables that facilitate modern connections and its advantageous time zone advantage.
Pakistan certainly has an abundance of options, with over 75,000 IT graduates each year and a skilled population ready to contribute to the digital economy. Offshore services are provided by professionals in accounting, law, design, and marketing to complete the workforce.
Furthermore, Pakistan has been identified by Kearney’s global 2023 study as the most financially appealing country for outsourcing because to its ability to offer top-notch services at competitive prices, with a startling 70% decrease in operating costs when compared to North America.
Pakistan demonstrates itself as a top place for a variety of IT services, solutions, and items in light of these factors.
The nation is well-positioned to take advantage of these prospects due to its advantageous geographic location, strong connectivity, and skilled labour force.
The government’s recent efforts to promote Pakistan as a profitable TechdestiNation and increase its international visibility have greatly expanded the opportunities available to Pakistani IT companies looking to grow internationally.
Pakistan confirms that it is open for business and ready to take on the world by making a significant presence at Leap 2024. Working together at this event, the KSA and Pakistan move both countries into a future of scientific developments and shared prosperity, while also strengthening bilateral ties.