In the first five months of the current fiscal year (FY23), Pakistan’s exports of IT and IT-enabled services (ITeS), which include computer services and call centre services, climbed by 3% to $1.087 billion from $1.051 billion in the corresponding period of the previous fiscal year.
According to State Bank of Pakistan (SBP) data, the sector’s export remittances climbed by 5% year over year (YoY), reaching $233 million in November as opposed to $221 million in November 2021.
When compared to $221 million in October 2022, the export remittances increased by 5% month over month (MoM).
The $5 billion objective for IT exports will be reached by June 2023, according to Syed Aminul Haque, the federal minister of information technology and telecommunication (MoITT).
He added that the government is doing everything it can to guarantee a long-term growth trajectory for the IT industry and boost IT exports.
The IT ministry has, however, cautioned the government that the sectors’ export remittances may suffer as a result of the failure to put the agreed-upon incentives into action, a lack of uniformity in policy, and the failure to address the tax and banking-related concerns.
To read our blog on “SBP and FBR policies are causing hindrances in the IT exports growth, IT Minister,” click here.
