In a thrilling development for Pakistan’s ICT sector, there has been a remarkable surge of 22.67% in ICT exports. This surge, reported in December, comes as a testament to the effective policies and concerted efforts led by Minister of IT & Telecommunication, Dr. Umar Saif.
December witnessed an outstanding increase of 22.67%, amounting to $303 million in ICT exports, following a noteworthy 13% growth in November. Dr. Umar Saif, at the helm of these initiatives, has been instrumental in steering the sector towards new heights.
The strategic implementation of policies allowing the holding of 50% of the amount in dollars, the introduction of a robust digital payment system, and the provision of essential facilities for freelancers have played a pivotal role in contributing to this substantial growth, as highlighted by Dr. Umar Saif.
Must Read: Pakistan’s IT Exports Surge 11% in November 2023, Fueling $10 Billion Dream
Commendations are in order for the Prime Minister’s Special Investment Facilitation Council (SIFC), whose dedicated efforts have created a conducive environment for the IT industry. Dr. Umar Saif, expressing appreciation for these efforts, emphasizes that the goal is to promote the IT and telecommunications sector, thereby fortifying the national economy.
This surge in ICT exports is not merely a one-time feat; Dr. Umar Saif envisions this as the beginning of sustained and significant growth, setting an ambitious target of reaching $10 billion in the near future.
Dr. Umar Saif’s reform initiatives have paved the way for progress in the IT industry, setting a solid foundation for the incoming government. Congratulations on this phenomenal increase in ICT exports have been extended by key figures in the sector, including the IT Minister, SAIF, and PASHA Chairman, Zohaib Khan.
Adding to the excitement, the ICT export remittances from July to December 2023 have witnessed a substantial rise of $64 million (8.99%), reaching an impressive total of $1.455 billion. Dr. Umar Saif’s collaborative efforts with the Special Investment Facilitation Council have significantly contributed to building confidence in the IT industry, resulting in this notable increase in export remittances.
In December 2023, ICT services export remittances surged to $303 million, marking a notable 22.67% increase compared to $247 million in December 2022. The month-to-month increase from November 2023 to December 2023 was $44 million, reflecting a 16.99% rise.
The IT & ITeS Industry’s achievement of a trade surplus of $1.251 billion during July to December 2023 of FY2023-24, accounting for 85.98% of total ICT export remittances, showcases the industry’s resilience and growth. This marks a 7.11% increase compared to the trade surplus of $1.168 billion during the same period last year. Despite the overall Services sector recording a trade deficit of $1.43 billion during July-December 2023 of FY2023-24, the ICT sector’s exports of $1.455 billion stand out as the highest among all Services, constituting 38.64% of the total export of services, with ‘Other Business Services’ trailing at $785 million. The ICT sector’s performance is indeed a cause for celebration and optimism for Pakistan’s technological landscape.
