IT exports of Pakistan has appreciated by 9% in Nov 2023

It-exports-of-pakistan-has-appreciated-by-9-in-nov-2023

The IT exports and IT-enabled Services (ITeS), which include call center and computer services, rose by around 6% in the first half of the current fiscal year 2023–2024 (July–November).

In comparison to the $1.088 billion during the same time of the previous fiscal year, it stayed at $1.152 billion.

IT Exports Increased by 9% in November 2023

According to official data, month-over-month (MoM) ITeS export remittances climbed by almost 9% in November 2023, staying at $259 million as opposed to $238 million in October 2023.

However, exports rose by almost 11% year over year (YoY) from $233 million in November 2022 to this amount.

ICT exports, which include computer, information, and telecommunication services, were $2.597 billion in the fiscal year 2022–2023 as opposed to $2.619 billion in the fiscal year 2021–2022, representing a negative growth rate of almost 1%.

First-ever IT and ITeS Export Strategy

The first-ever IT and ITeS export strategy recently presented by Dr. Umar Saif, the caretaker federal minister for telecommunications and information technology, with the goal of increasing Pakistan’s IT exports to $10 billion over the course of the next three years.

With this strategy in place, the nation may boost its exports to $12–15 billion.

Potential of Pakistan’s IT Industry

Dr. Saif highlighted the plan to boost ICT exports, stating that the official numbers show that IT exports are currently $2.6 billion, and that exports will reach $5 billion by adding 200,000 more skilled individuals to the current IT workforce.

Additionally, granting IT companies a dollar retention facility will result in a $1 billion rise in exports.

In order to reach the $10 billion target, the creation of The Pakistan Startup Fund will add an additional $1 billion to the overall volume of IT exports.

To read our blog on “To boost IT exports, PM Kakar directs to prepare a policy,” click here.

Asad Hassan
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