Pakistan’s IT sector increased export remittances to $286 million in July, the first month of the fiscal year.
This represents a substantial rise of 33.64 percent compared to the $214 million recorded in July of the previous fiscal year.
According to the Ministry of Information and Technology, this growth highlights the sector’s strengthening role in the national economy.
The Ministry’s report indicates that IT exports accounted for 46 percent of Pakistan’s total exports in July. This significant share reflects the growing prominence of the IT sector within the country’s export landscape. The rise in export remittances is attributed to several factors, including a robust demand for Pakistani IT services and an increasing number of IT companies securing international contracts.
The IT sector in Pakistan has been experiencing rapid expansion. The number of IT companies has grown significantly, with over 2,000 registered firms contributing to the sector’s development. Additionally, the IT and IT-enabled services (ITES) sector has been a major driver of foreign exchange earnings, with exports from this sector having reached approximately $2.5 billion in the previous fiscal year.
Minister of State for IT Shaza Fatima noted the government’s focus on bolstering IT exports further. The government has set an ambitious target of $3.5 billion in IT export revenues for the next fiscal year. This target reflects the government’s commitment to enhancing the sector’s growth and its strategic role in the country’s economic development.
The Ministry of IT has been actively involved in initiatives to support the sector, including the development of IT parks, tax incentives for tech startups, and training programs to enhance the skills of IT professionals. These efforts are aimed at strengthening the sector’s infrastructure and fostering innovation.
The rise in IT export remittances aligns with broader economic strategies to increase the share of high-value sectors in Pakistan’s export portfolio. The IT sector’s performance is a key component of the country’s broader goal of diversifying and expanding its export base. The substantial growth in July indicates a positive trend for the sector and underscores its importance in the national economy.