IT export remittances of the country rise by 23.71 percent

Avatar Written by Hamnah Khalid · 1 min read>

Pakistan’s Information Technology (IT) and IT-enabled Services (ITeS) export remittances have surged to a staggering high of 23.71 percent in the Financial Year (FY) of 2019-2020.

The IT-enabled Services of the country include call centre services as well as other computer services. The remittances measured in at 994.848 million US dollars in FY 2018-2019 and have now increased by 23.71 percent to $1.230 billion.

The numbers were revealed in a performance report released by the Pakistan Software Export Board (PSEB) on Friday.

The report showed the ITeS export remittances increasing from $1.11 billion in May 2020 to $1.23 billion in June 2020. A previous report released by the PSEB showed the increase of 20.75 percent from the July of 2019 to May of 2020. The Ministry of IT and Telecom (MOIT&T) has a target and is working towards increasing these export numbers for ITeS up to $5 billion in the next three years.

The Federal Minister for IT & Telecommunication, Mr Syed Aminul Haq has directed the PSEB, which works as a department under the MOIT to see to it that the target gets achieved. He mentioned that under the vision of ‘Digital Pakistan’ it becomes pertinent that we advance all IT-related projects forward, thereby connecting Pakistan to the digital world.

The ministry spokesperson also mentioned that 6,000 Pakistan-based IT companies were providing IT products and services to people in over 100 countries. Pakistani IT companies have been providing products and services to some of the world’s largest companies. The country has been ranked as the third most popular country for freelancing in the world.

The Information and Communications Technology industry of our country has seen plenty of high achievements in the past few years. With the Prime Minister’s Digital Pakistan vision and ITeS being the largest net exporter in the services sector, Pakistan is surely headed in the right direction in terms of achieving that $5 billion revenue goal for the industry by the year 2024.