From July through October of FY2022-23, the exports remittances for IT and IT-enabled Services (ITeS), which include computer services and call center services, climbed by 2.89 percent to $854 million from $830 million during the same period of FY2021-22.
According to data from the State Bank of Pakistan (SBP), ITeS export remittances rose by 13.33 percent to $221 million in the month of October 2022 from the $195 million reported for the same time in the previous year.
The central bank recorded net exports of $721 million, a 14.44 percent rise above net exports of $630 million during the same period last year.
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.
He added that the government is doing everything it can to guarantee a long-term growth trajectory for the IT industry and boost exports to $5 billion by 2023.
The Ministry of Information Technology and Telecommunication has cautioned the government, though, that the telecom sector’s export remittances may suffer in addition to jeopardizing its digital vision because of the non-implementation of agreed incentives, lack of consistency in policies, as well as the lack of resolving the tax and banks-related issues.
In the first quarter of the current fiscal year 2022–23, ITeS exports decreased by 0.3 percent and stayed at $633 million, down from $635 million in the same period of the previous fiscal year.
Alarm bells were raised by the reduction in ITeS export remittances, and grave concerns were voiced among the affected parties.
Amin-Ul-Haque has brought up the difficulties the industry is currently facing in a number of meetings, including the one the prime minister presided over.
According to Amin-Ul-Haque, if prompt attention is not given, the sector may see further collapse.
The minister has also emphasized the importance of resolving the unresolved tax and associated financial concerns.
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