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Pakistan IT Industry: The Information Technology (IT) sector in Pakistan has witnessed significant growth, attributed to government policies, evident in the positive trade statistics reported by the State Bank of Pakistan (SBP).
In November, the export of IT services saw a noteworthy increase of 11.66% year-on-year, totaling $259 million, compared to the previous year’s $233 million during the same period, indicating substantial sectoral expansion. On a monthly basis, November recorded an 8.82% rise in exports.
Dr. Umar Saif, the Caretaker IT & Telecom Minister, expressed contentment with these promising trade results. The State Bank of Pakistan’s data revealed a net surplus of $226 million in the trade of IT services for November, showcasing improvement from the $204 million reported in October.
During the same timeframe, there was a 2.94% month-on-month decrease in the import of IT services, reaching $33 million in November. This reduction implies a diminished reliance on imports and a heightened focus on fostering the domestic IT industry.
In the initial five months of the fiscal year 2023-24, cumulative earnings from Telecommunications, Computer, and Information Services amounted to $1.152 billion, marking a substantial 5.88% year-on-year growth compared to the corresponding period in the previous fiscal year, which recorded $1.09 billion.
Government initiatives, such as the establishment of the Special Investment Facilitation Council (SIFC) and fruitful visits to Qatar, have contributed positively to Pakistan’s IT exports.
The government’s ambitious IT and ITeS Export Strategy, with the goal of elevating IT exports to $10 billion in the next three years, underscores a commitment to further development.
Furthermore, negotiations with Starlink for Satellite internet in Pakistan are nearing completion. The Federal Cabinet’s approval of the National Space Policy is anticipated to empower private-sector companies to offer affordable internet services in Pakistan, ushering in new opportunities for connectivity and technological advancement.