Export remittances from the IT and IT-enabled Services (ITeS) sector, encompassing computer and call center services, exhibited a 6% increase in the initial five months (July-November) of the fiscal year 2023-24, reaching $1.152 billion compared to $1.088 billion in the corresponding period last year.
November 2023 saw a 9% month-on-month rise, with ITeS export remittances totaling $259 million, up from $238 million in October 2023. On a year-on-year basis, the sector’s export remittances marked an 11% increase from $233 million in November 2022.
Meanwhile, the overall Information and Communication Technology (ICT) export remittances, encompassing telecommunication, computer, and information services, were $2.597 billion, reflecting a marginal 1% decline in the fiscal year 2022-23 compared to $2.619 billion in 2021-22.
Caretaker Federal Minister for Information Technology and Telecommunications, Dr. Umar Saif, recently introduced the inaugural IT and ITeS export strategy, aiming to elevate Pakistan’s IT exports to $10 billion over the next three years. Dr. Saif outlined key components of the strategy, including increasing the IT workforce by 200,000 skilled individuals, utilizing the dollar retention facility for IT companies, and establishing The Pakistan Startup Fund.
These initiatives are anticipated to boost IT exports to $5 billion, $1 billion, and an additional $1 billion, respectively, contributing to the overall target of $10 billion. The strategy asserts that Pakistan possesses the potential to further escalate its exports to a range of $12-15 billion.
