Information Technology (IT) export remittances including telecommunication, computer, and information services from July 2021 to April 2022 have surged to an all-time high of $2.198 billion growing by 29 percent in comparison to $1.7 billion during the same period in FY 2020-21.
According to the State Bank of Pakistan data, in April 2022, ICT export remittances grew to $249 million up by 29 percent, compared to $193 million reported in April 2021.
Monthly Technology exports witnessed at USD 249mn during Apr’22, up by 29% YoY while down by 4% MoM.
During 10MFY22, technology recorded exports worth $ 2.2bn marking a 29% YoY jump.#PakistanMovingForward@StateBank_Pak#Pakistan #Economy #AHL pic.twitter.com/8mLUFJqjM5
— Arif Habib Limited (@ArifHabibLtd) May 20, 2022
However, ICT export remittances declined by 4 percent on a month-on-month basis in April 2022 when compared to $260 million in March 2022.
Prime Minister Shehbaz Sharif has said that Pakistan offers huge opportunities for investments in the technology sector and the government intends to increase IT exports from $1.5 billion to $15 billion in the coming years.
For achieving this target, the premier said that foreign tech companies would be facilitated in all respects with regard to investment, expansion, and close collaboration.
The Ministry of Information Technology presented recommendations in the last cabinet to enhance software exports. The cabinet told the ministry to present recommendations before the Economic Coordination Committee and later again before the cabinet.
Speaking at the meeting, PM Sharif said Pakistan had a huge potential for investment and exports in the IT sector which needed to be exploited.
Federal Minister for IT and Telecommunication Syed Aminul Haq has directed the PSEB to take every possible step to achieve the target of IT export remittances. He said that under the prime minister’s vision of “Digital Pakistan”, it is vital to take forward all the matters related to information technology and connect the youth especially students to the digital world.