Pakistan Records its Highest Ever IT Exports in 10 Months

Pakistan Records its Highest Ever IT Exports in 10 Months

Compared to the $1.7 billion sent out over the same time period in FY 2020-21, Information Technology (IT) export remittances, encompassing telecommunications, computer, and information services, reached an all-time high of $2.198 billion in the period July 2021 to April 2022.

State Bank of Pakistan statistics shows that ICT export remittances increased by 29 percent in April 2022, from $193 million to $249 million.

However, month-on-month, ICT export remittances fell by 4% in April 2022 to $260 million from March 2022.

Shehbaz Sharif added that Pakistan’s government plans to raise IT exports from $1.5 billion to $15 billion in the next few years, adding that the country has a lot of room for growth. In order to meet this goal, the premier stated that foreign IT businesses would be supported in all aspects of investment, expansion, and collaboration.

The government’s Ministry of Information Technology made proposals in the last cabinet to increase software export. It was decided by the cabinet that the ministry should make proposals to the Economic Coordination Committee and then to the cabinet as a whole in order to receive approval.

At the meeting, Prime Minister Sharif stated Pakistan had a great deal of potential in the IT sector that needed to be tapped into.

All available measures must be taken by the PSEB to meet the goal of IT export remittances set by the Federal Minister for IT and Telecommunications, Syed Aminul Haq Under the prime minister’s “Digital Pakistan” vision. He said it’s critical to move forward on all information technology-related issues and connect the country’s youth, particularly students, to the internet.

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