Despite this monthly decline, IT export remittances saw a significant 34 percent increase year-on-year, rising from $214 million in July 2023. For the fiscal year 2023-24, IT export remittances reached a record high of $3.223 billion, marking a 24 percent growth from $2.596 billion in 2022-23.
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However, the sector has faced challenges recently, including slow internet services that could potentially impact IT exports negatively. The Ministry of Information Technology and Telecommunications, along with the Pakistan Software Export Board (PSEB) and the Special Investment Facilitation Council (SIFC), has been working to boost international business development and improve the business environment for IT and ITeS exports.
The ministry has identified several issues hindering the sector’s potential, including policy inconsistencies, taxation problems, and banking obstacles. Currently, Pakistan’s IT industry generates about $2.6 billion in annual exports. To meet the ambitious goal of $15 billion in annual exports within the next five years, the industry will need to add around 200,000 skilled IT professionals.
Pakistan’s ICT industry serves some of the world’s largest companies, including global enterprises like Bentley, Ciklum, IBM, Mentor Graphics, S&P Global, Symantec, Teradata, and VMware. These companies have established consulting centers, R&D facilities, and BPO support services in Pakistan, providing high-paying jobs for the talented youth, enhancing the country’s image, and attracting foreign direct investment (FDI). Major IT and ITeS hubs in Pakistan include Karachi, Lahore, and Islamabad/Rawalpindi.
With over 600,000 English-speaking IT and BPO professionals skilled in current and emerging technologies, Pakistan’s ICT sector remains a significant player in the global IT landscape.
