According to a recent tweet by the Pakistan Software Export Board, IT-related export remittances which include telecommunications and information services, have shot up to a whopping $1.119 billion with a growth rate of 37.81% during a fiscal period spanning Jul-Jan 2021, in comparison to USD 812 million during the same period last year.
If the current pace continues, the exports could reach $2 billion by the end of the year, paving Pakistan’s way to achieve a substantial milestone since it would be the highest in history. The unprecedented growth can be attributed to the government’s measures to bring about automation, new ways of offering digital services, and the boom of the gig economy to which millions of Pakistani’s are affiliated in the wake of the COVID-19 crises worldwide.
It is to be noted that the Ministry of IT has expressed ambitions to earn $5 billion from IT exports by 2023, and the recent milestone brings the country closer to achieving that goal. The Overseas Investors Chamber of Commerce and Industry (OICCI), in its annual report for 2020, even highlighted the potential for Pakistan to enhance its IT-enabled services’ exports to $10 billion.
However, the tech industry leaders in a recent conference hosted by TABADLABS had stressed the urgency for digital transformation, with the P@sHA chief expressing deep concern on the adverse effects of FIA raids on software houses.
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