The Information Technology (IT) industry in Pakistan is experiencing remarkable growth, attributed to favorable government policies, with positive trade figures reported by the State Bank of Pakistan (SBP).
In November, exports of IT services saw a significant 11.66% year-on-year surge, reaching $259 million, indicating substantial expansion in the sector. On a monthly basis, November witnessed an 8.82% increase in exports.
Dr. Umar Saif, the Caretaker IT & Telecom Minister, expressed satisfaction with the encouraging trade figures, highlighting a net surplus of $226 million in IT services trade for November, an improvement from the $204 million reported in October. Concurrently, there was a 2.94% month-on-month decrease in the import of IT services in November, amounting to $33 million, indicating reduced reliance on imports and a heightened focus on developing the domestic IT industry.
Cumulative earnings through Telecommunications, Computer, and Information Services in the first five months of fiscal year 2023-24 reached $1.152 billion, showcasing substantial year-on-year growth of 5.88% compared to the corresponding period in the previous fiscal year.
Government initiatives, including the establishment of the Special Investment Facilitation Council (SIFC) and productive visits to Qatar, have positively contributed to Pakistan’s IT exports. The government’s ambitious IT and ITeS Export Strategy, aiming to elevate IT exports to $10 billion in the next three years, underscores a commitment to further development.
Ongoing 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 provide affordable internet services in Pakistan, opening new opportunities for connectivity and technological advancement.
