V2F Solutions CEO calls for policy reforms, stronger corporate structures, affordable infrastructure and greater opportunities for local IT companies.
By: Muhammad Umar Waqqas
KARACHI: Pakistan’s IT sector has witnessed consistent growth over the years, attracting government attention and encouraging the entry of new companies. However, industry leaders believe that the next phase of growth must focus on product development and sustainable business models rather than remaining concentrated in conventional outsourcing services.
Sharing views with The Financial Daily, Usama Rashid, Founder and CEO of V2F Solutions (Pvt.) Ltd., said that although government efforts to facilitate IT exports are visible, greater attention is needed towards product sales and emerging technologies.
Leadership & Corporate Background
With more than three decades of professional experience, Rashid has served at PwC and Siemens. He is a Fellow Member of the Institute of Chartered Accountants of Pakistan (ICAP), holds a Diploma in Advanced Management Accounting from CIMA, UK, and is an alumnus of Siemens Leadership Campus, Germany and China. He has also served as Chairman of ICAP’s Southern Regional Committee, a mentor through P@SHA, and a member of the Advisory Committee South of the Federal Tax Ombudsman.
Founded in 2016, V2F Solutions is a PSEB and P@SHA member company, audited by A. F. Ferguson & Co. With a focus on ethical business practices, employment generation, and foreign exchange earnings, it provides software development, IT consulting, and outsourcing services to clients across the USA, Canada, Europe, and the Middle East.
Moving Beyond Low-End Outsourcing
Rashid observed that much of the current activity in Pakistan’s IT sector remains concentrated in lower-end services.
“However, at the moment a lot of low end work is currently taking place in the IT sector such as body leasing, BPOs, call centers etc.”
He sees greater growth potential in product development and emerging technologies, welcoming the government’s SPARK and ELEVATE initiatives. He also stressed stronger oversight to ensure genuine IT exports and emphasised that freelancing growth must complement, not undermine, the corporatization of IT businesses.
Key Industry Challenges & Policy Recommendations
Highlighting industry challenges, Rashid identified income tax disparity between freelancers and employees of IT companies as a factor affecting employee satisfaction and retention. Unreliable internet connectivity, expensive IT parks, inadequate guidance for SMEs seeking international clients, and entry barriers in government IT projects were other major concerns.
Strategic Measures Proposed to Boost IT Exports:
- Reducing income tax on salaries to bridge the disparity between freelancers and corporate IT employees.
- Strengthening PSEB and P@SHA registration criteria to ensure genuine export reporting.
- Promoting local IT companies in government projects and making IT parks affordable for SMEs.
- Establishing a dedicated business development counselling desk at PSEB to guide SMEs.
- Taking special measures to ensure stable, reliable, and affordable internet connectivity nationwide.
- Allowing foreign currency retention bank accounts to be used for loan transactions with foreign related parties of local IT companies to facilitate international business development.
AI, Youth Entrepreneurship & Sustainable Growth
Addressing Pakistan’s youth, Rashid highlighted the opportunities emerging from rapid technological advancement and artificial intelligence.
“Elon Musk says that Universal Basic Income shall become necessary to offset low job opportunities in future due to AI. I would say that doing your own gig will become easier day by day as the technology advances more and more as many things will become doable with lesser costs.”
He advised aspiring entrepreneurs to establish a purpose beyond profitability, explaining that values and principles should guide business strategies and decisions. Referring to V2F Solutions’ philosophy, he said:
“Some of the key goals of our company are to earn or save forex for the country and to do business in a highly ethical and compliant manner. Our entire business model revolves around these goals and principles.”
Concluding his message, he encouraged young entrepreneurs to pursue ambitious goals while remaining patient and realistic about expansion:
“Think big but start small and don’t rush with growth, rather focus on sustainable growth year by year with patience.”
“Pakistan’s IT sector has immense potential to strengthen the national economy, boost foreign exchange earnings, generate skilled employment and establish the country as a competitive global technology hub. Promoting homegrown innovation, empowering local IT companies and fostering sustainable, globally competitive businesses are key to driving economic prosperity and technological self-reliance.”
— Usama Rashid, Founder & CEO of V2F Solutions (Pvt.) Ltd. to The Financial Daily
