Zubair Yaqoob Karachi
Pakistan’s IT exports witnessed a double-digit growth of 15% in October to stand at $238 million as compared to preceding month in which it stood at $206 million, according to the data released by the State Bank of Pakistan (SBP).
Overall, the IT and IT-enabled Services (ITeS) export remittances comprising computer services and call center services increased by around 4.4 percent during the first four months (July-October) of the current fiscal year 2023-24 (FY24) and stood at $893 million compared to $855 million during the same period of last fiscal year.
Leading IT exporter Noman A. Said viewed that export of IT companies should be enhanced in upcoming months as the government provided a 50% retention facility for the foreign exchange accounts. With the given facility, IT companies will be able to target export orders of big ticket solely or partnership because their capacity to explore new and mega project should be improved, he said and added.
The IT companies should fulfil their promise to bring in their foreign exchange from offshore offices including investments. He urged the banking companies to also facilitate IT companies and freelancers for maintaining foreign exchange in their dedicated accounts. Also, this policy should be continued for a long-term basis to achieve the desired results.
IT is one of the sectors identified by the Special Investment Facilitation Council (SIFC) with high potential amid immediate outcome in terms of exports growth and attracting investment. The interim government along with the central bank is taking long-term measures to stabilize the sector free from hurdles on the way of growth to enhance exports and offset the deficit of the current account.
The sector will not only attract foreign exchange to the country, but it will also create job for skilled youth in near future. Tufail Ahmed Khan, President and CEO Pakistan Freelancers Association (PAFLA) said the government should also provide other facilitates to freelancers of IT and non-technical services besides providing a facility of foreign exchange account with a 50% rate of retention.
