IT sector is one of the fastest-growing sectors of Pakistan contributing about 1% of the GDP of Pakistan at about 3.5 billion USD. It doubled in the past few years and experts expect it to grow a further 100% in the next two to four years to $7 billion.
Pakistan’s IT sector made a giant stride in the outgoing financial year with an impressive penetration in the exporting countries, which result in massive growth in export values, crossing the Mark of $2 billion for the first time.
Industry player said that the robust performance of the local IT companies attracted long-term exports orders from the USA, UK, EU, and Middle East Countries, as the demand for automation and eCommerce recorded an unprecedented uptick across the world as a result of the prevention of Covid-19 pandemic.
According to the State Bank of Pakistan, the exports of IT and IT-enabled services surged to $2.1 Billion in the financial year. Showing an impressive growth rate of 47% year on year.
Exporters of the IT sector urged the government to honor its commitment to facilitate the IT sector with incentives and ease of doing business which will ultimately bring inflows of Dollars and generation of skilled employment in the country.
Commerce advisor Razak Dawood said in a statement on Monday “I want to congratulate our IT exporters for crossing the $2bn export mark for the first time in our history,”
“You have done a remarkable job and I encourage you to market your exports even further to achieve more”,
Mr. Dawood said he always believed in the abilities of IT professionals and entrepreneurs. The government has offered several incentives in taxes and procedures in the budget 2021-2022 to encourage IT exports.
An official announcement said that Mr. Dawood also briefed the premier on the strategy for the forthcoming visit to the rest of the Central Asian States, particularly Tajikistan, and the implications for investment and trade.
PM Khan welcomed the strengthening of trade relations with the Central Asian states and stressed that Pakistan has the potential to provide sea access to the entire region, including these states.
A 47% increase was witnessed in Pakistan’s information technology exports, going up to $1.9 billion from July-May in the fiscal year 2020-21, according to the data released by the state bank of Pakistan. The central bank data showed IT exports increased 59% year on year to $200 million in May.
