Pakistan’s IT and IT-enabled Services (ITeS) exports have reached $3.142 billion in the first 10 months of FY 2024–25, marking a 21% year-on-year increase and setting the stage to break previous records. This growth highlights strong global demand for Pakistan’s tech talent.
However, experts note that a large portion of Pakistan’s freelance workforce remains untapped. Out of over 2.32 million freelancers, only about 38,000 have active bank accounts, limiting the capture of remittances. Although 500 new accounts open weekly, onboarding and retention remain challenges. Currently, freelancers contribute around 15% of total IT exports, a share that could rise significantly with improved financial inclusion and supportive policies.
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The State Bank of Pakistan has increased the foreign exchange retention limit to 50% or $5,000 per month, up from 35%, and directed banks to simplify account opening for IT professionals and freelancers.
The government aims to raise annual IT exports from $3.2 billion in FY24 to $4.2 billion in FY25, with the freelance sector playing a key role in achieving even greater growth.
