The Information Technology (IT) industry in Pakistan has experienced substantial growth due to government policies, as reflected in the positive trade figures reported by the State Bank of Pakistan (SBP).
In November, exports of IT services surged by 11.66% year-on-year, reaching $259 million compared to $233 million in the same period last year. This signifies a notable expansion in the sector. On a monthly basis, there was an 8.82% increase in exports in November.
Dr. Umar Saif, the Caretaker IT & Telecom Minister, expressed satisfaction with these encouraging trade figures. The State Bank of Pakistan’s data indicated a net surplus of $226 million in the trade of IT services in November, marking an improvement from the $204 million reported in October.
During the same period, there was a 2.94% month-on-month decrease in the import of IT services, amounting to $33 million in November. This decline suggests a reduced reliance on imports and an increased focus on developing the domestic IT industry.
In the first five months of the fiscal year 2023-24, cumulative earnings through Telecommunications, Computer, and Information Services reached $1.152 billion, showcasing a substantial growth of 5.88% year-on-year compared to $1.09 billion in the corresponding period of the previous fiscal year.
Several government initiatives have played a role in driving this growth. The establishment of the Special Investment Facilitation Council (SIFC) and productive visits to Qatar have contributed positively 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, underlines a commitment to further development.
Additionally, 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, ushering in new opportunities for connectivity and technological advancement.
