Memorandum of Understanding (MoUs) worth $300m signed at ITCN Asia 2001 -Pakistan Press Foundation (PPF)

Paksitan Press Foundtion

Memorandum of Understanding (MoUs) worth $300m signed at ITCN Asia 2001

ISLAMABAD- Total expected benefit from ITCN Asia 2001 is estimated at $500 million, while the Memorandum of Understanding (MoUs) worth $300 million were signed during the exhibition. The business under negotiation reported by exhibitors is $200 million.

Ten major MoUs signed worth $117 million were between Kalsoft and eS2R, US, ECASoft and ECG Singapore, CresSoft and SeaWeb Malaysia, CAL Informatics and ECG Pakistan, Miller & Freeman and US Publishers, Jang Group and E-commerce Gateway Singapore, VisualSoft and Network TV, UK, E-Tech Group and Malaikh Saudi Arabia, Rafiq Habib Technologies and Euro Software NV and Sana Technology and ECG Singapore. The other MoU signed valued at $33 million.

Commitments of $150 million for venture capital companies and investment for Information Technology (IT) Park is $100 million. The MoUs covered bilateral cooperation and business development in software exports, medical transcription, IT education, IT publishing, IT event management, IT media development, WAP technologies, Software outsourcing and telecom and IT infrastructure development.

ITCN Asia 2001 turned out to be a great success as 870 foreign delegates from all over the world visited the event. Microsoft, Cisco, lntel, AMD, Oracle, Sun Microsystems, Acer, ZTE, IBM, NCR, HP and several other exhibitors invited their overseas partners. They organised separate exclusive events for their corporate clients. More than 5,000 workers were engaged for the event. Over 500 volunteers played a key role in crowd management, protocol, delegate handling, transport and coordination activities.

Major overseas investors and venture capital companies were very keen to invest in the aggressive IT plans, driven by the National IT Policy, Global IT companies including CommerceNet, Dotcom Asia, Boeing, IT Capital, TIE Holding NV, pertapis, IOEC, 1 and 1, eCo Ventures, Pico Art, Miller & Freeman, TiE USA, E-Commerce Gateway participated in the event.

Special one-to-one meetings were held with local IT companies for finalising investment and collaboration for distinctive products and services.

The results are very promising. Overseas investors have made investment commitments of over $50 million into various ventures. A group of investors from Singapore and Malaysia has offered to invest $100 million in the IT park projects.

The ITCN conference, ‘Opportunities in the Global Village’ held at Sheraton Hotel, was attended by 500 foreign and local delegates from tile corporate and government sectors. A delegation from Singapore Parliament consisting of three members and prominent speakers from UK, Australia, Japan, Korea, China, Hong Kong, the UAE, US, Germany, France and other countries contributed to the success of conference proceedings.

The Governor of Balochistan, Governor of State Bank of Pakistan, Finance Minister of Sindh, Chairman Central Board of Revenue, Chairman Pakistan Telecommunication Authority, Chairman IT Commission and other dignitaries chaired the sessions. The delegates and international media have praised the quality and arrangements of the conference.

The ITCN Exhibition held at Karachi Expo Centre was visited by more than 300,000 visitors. The visitors included 25,000 local and overseas visitors from corporate and public sectors. Originally planned for three days, the exhibition was extended to five days due to great public interest.

Source: The News