Pakistan’s IT exports see 2.89% increase in 1st quarter of FY23

by Farrukh Moin Alvi
Pakistan's IT exports see 2.89% increase in 1st quarter of FY23 Image Name

According to data released by the State Bank of Pakistan, IT Servies export remittances, which include computer services and call center services, increased by 2.89 percent to $854 million from July to October of FY2022-23 compared to the same period last year (SBP).

Pakistan’s IT exports have declined by 0.3 percent during the first quarter of the current fiscal year 2022-23 and remained at $633 million compared to $635 million in the same period last year, according to data.

Exports in IT and ITeS sector down by 0.3% in first quarter of FY22-23

This is a positive sign for the country’s economy as it looks to boost its exports in order to grow. The government has been working hard to promote the sector and attract more investment. In recent years, there have been a number of initiatives taken such as tax breaks and subsidies for businesses operating in the sector.

SEE ALSO: Pakistan’s Plan to Ban Luxury Smartphones

According to data from the State Bank of Pakistan (SBP), ITeS export remittances increased by 13.33 percent to $221 million in October 2022. Pakistan’s increased IT exports are largely due to the country’s large pool of talented and skilled workers.

Pakistan's IT exports see 2.89% increase in 1st quarter of FY23IT-EXPORTS-OF-PAKISTAN

The central bank has reported that net exports have reached $721 million, which represents an increase of 14.44 percent when compared to net exports that were reported at $630 million during the same time period the previous year.

Will the IT exports target of $5 billion be achieved by 2023?

Federal Minister of Information Technology and Telecommunication Syed Aminul Haque has stated that the IT exports target of $5 billion would be achieved by 2023.

Syed Aminul Haque

Haque said that the government is committed to supporting the IT sector and is taking various measures to achieve the target. He added that Pakistan has great potential in the IT sector and its exports have been growing at a rapid pace.

SEE ALSO: Elon Musk to activate Starlink in Iran amid internet shutdown

The minister also said that the government is working on a policy to attract foreign investment in the IT sector. He expressed confidence that with the support of the government, the IT sector will continue to grow and contribute significantly to Pakistan’s economy.

Pakistan has a large population of young people who are well-educated and eager to work. The country also has a strong infrastructure in place, with a number of world-class universities and colleges. This makes it an attractive destination for companies looking to outsource their IT needs.

The increase in Pakistani IT exports is good news for the economy, as it will help to create jobs and boost growth. It is also likely to attract more foreign investment into the country.

You may also like

Leave a Comment