Pakistan IT Industry hit hard as 30 companies from one city moved abroad

In a major blow, numerous Information Technology (IT) companies are shifting to Turkey and the UAE due to a lack of a gateway for payment abroad, which would directly hit the export remittances.

This was revealed by President Faisalabad Chamber of Commerce while briefing the Senate Standing Committee on Finance and Revenue. The committee met with Saleem Mandviwalla in the chair here on Wednesday.

The Committee’s agenda included a Pre-Budget consultation with stakeholders, such as the Federation of Pakistan Chamber of Commerce and Industry (FPCCI), along with other Chambers and Associations.

President Faisalabad Chamber of Commerce informed the committee that 30 IT companies from Faisalabad have shifted to Turkey and the UAE so far. The major problems these companies are facing are the non-availability of a gateway for outside payment. This would direct impact on the IT exports remittances and would not come to the country, he added.

The country is celebrating $2.4 billion in IT exports, said the President, adding that currently the potential is $10 billion and can be increased to $20 billion, if all these issues are resolved.
He recommended steps in the budget to facilitate and incentivise the IT sector to boost IT exports.