Pakistan’s IT exports increase by 62.3% in April.
Pakistan’s Information Technology (IT) sector has witnessed a remarkable growth of 62.3% in exports during April this year compared to the same period last year.
This surge has been attributed to a combination of policy reforms and business-friendly initiatives implemented by the Special Investment Facilitation Council (SIFC).
A recent report by BBC highlighted that the stability of the local currency and the allowance for freelancers to deposit their foreign earnings into local bank accounts have been pivotal in driving this increase.
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Additionally, the State Bank of Pakistan’s decision to raise the retention limit for IT companies from 35% to 50% has also played a crucial role.
The IT sector has been identified as a priority by the Special Investment Facilitation Council, which has consulted extensively with stakeholders to implement these reforms effectively.
The report further noted that over 25,000 IT graduates and freelancers have contributed significantly to the surge in IT exports by earning money from foreign companies, thereby bolstering Pakistan’s foreign exchange reserves.
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As Pakistan’s IT exports increase by 62.3% in April, sources revealed earlier today that the federal government has proposed a substantial increase of 357% in the budget for the IT sector for the fiscal year 2024-25.
An increase in IT exports is being witnessed due to policy initiatives of Special Investment Facilitation Council (#SIFC).
According to State Bank of Pakistan’s data, #IT exports stood at 257 million dollars in February, which is thirty two percent higher than the same period of… pic.twitter.com/MpdKGokW45
— PEconomist (@peconomist_) April 2, 2024
The Ministry of IT has been allocated Rs 27.43 billion in the development budget, with Rs 6.28 billion designated for 15 new projects.
