IT exports in Pakistan received remittances of $306 million, which are all-time high receipts in a single month. Previously, the IT sector witnessed a record high monthly export of $303 million in December 2023, according to data released by the State Bank of Pakistan.
The consistent efforts made by the Special Investment Facilitation Council (SIFC) in collaboration with the Ministry of IT and Telecommunication and the Pakistan Software Export Board (PSEB) resulted in an improvement in the business climate that resulted in increasing international business and increasing growth in export values.
Dr. Noman Said, an IT exporter, said the active supervision of SIFC in the IT sector is strengthening state-level business ties with different countries which is translating into positive outcomes through picking up export values, mainly in the Middle East region.
He further said the confidence of local IT exporters has improved significantly due to the recent policy measures of the government and the handholding of the exporters, who will continue to reap the benefits to the country and its economy in the future.
In the month of March 2024, ICT services export remittances surged to $ 306 million, an astounding increase of 36% in comparison to $225 million in March 2023. In comparison to the previous month of February 2024, ICT services export remittances increased by $49 million (19.1% growth) in March 2024.
Ibrahim Amin, Chairman, Pakistan Freelancers Association (PAFLA), said the role of freelancers could not be underestimated in the growth of IT exports, who are performing extraordinarily through their efforts to make their livings while fetching dollars for the country.
He mentioned that the growth in IT exports is a welcome development in the country to motivate Pakistan’s young generation to contribute to the country’s economy through acquiring emerging skills in business and technology.
In recent months, the government has extended its facilitation to IT exporters and freelancers through an allowance of 50% retention of foreign currency in their bank accounts. The governments, along with IT exporters, toured to various countries to sign MoUs and attend regional tech trade fairs to promote local IT companies.
