Pakistan’s IT exports jump to $286 m in first month of fiscal year

WEB DESK: Pakistan’s IT sector increased export remittances to $286 million in July, the first month of the fiscal year, representing a rise of 33.64 per cent compared to the $214 million recorded in July of the previous fiscal year.

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According to the Ministry of Information Technology and Telecommunication, Pakistan’s IT export accounted for 46 per cent of Pakistan’s total exports in July.

The rise in export remittances is attributed to several factors, including a robust demand for Pakistani IT services and an increasing number of IT companies securing international contracts.

The IT sector in Pakistan experienced rapid expansion in recent years. The number of IT companies grew to over 2,000 registered firms.

Similarly, the IT and IT-enabled services (ITES) sector has been a major driver of foreign exchange earnings, with exports from this sector having reached almost $2.5 billion in the previous fiscal year.

The Minister of State for Information Technology and Telecommunication, Shaza Fatima noted the government is focused on increasing IT exports further. The federal government has set an ambitious target of $3.5 billion in IT export revenues for the next fiscal year.

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The Ministry of IT has been actively involved in initiatives to support the sector, including the development of IT parks, tax incentives for tech startups, and training programmes to improve the skills of IT professionals.