The Minister of Information Technology and Telecommunication (MoITT), Syed Amin Ul Haq, has announced on Friday that Pakistan’s IT industry export remittances, comprising telecom, computer, and information services, recorded an increase of USD 1.298 billion in the present quarter in contrast to the USD 917.840 million during Jul-Feb of Fiscal Year 2019-20 after reporting a growth of 41.43 percent. “InshAllah, our targets to reach the US $5bn till 2023”, he said in the statement.
From time to time, IT experts and notability have given assurance that Pakistan’s IT division could grow into the largest foreign exchange earner for Pakistan. Month after month, Pakistan proceeds to reach close to that goal with an overall increase of more than 43 percent on a year-over-year (YoY) basis.
Furthermore, the minister has spoken in the past that the growth in the IT industry has resulted due to several initiatives including the nullification of registration fees by the Pakistan Software Export Board (PSEB) registration for IT & ITeS organizations, comprising call centers and IT-related startups belonging to under-served regions of the nation.
Moreover, IT-related export transmittals escalated up to a staggering amount of $1.119 billion with an increased rate of 37.81 percent during July-Jan 2021 as compared to USD 812 million during the same period last year. Reflecting on this pace, the exports could reach $2 billion by the end of the year, leading Pakistan closer to reach a record $5 billion, with a potential to export $10 billion worth of IT services by 2030 according to the predictions made in the past.
In addition to it, Pakistan is an origin to one of the world’s biggest communities of freelancers with a large number of people contributing knowledge services to countries around the world. Despite this, Pakistan’s IT-related exports have a lot of potential to grow.