Pakistan’s IT & ITES export likely to cross $5 billion by 2020

Pakistan’s IT and ITES exports are expected to exceed $5 billion by the year 2020.

It is expected that Information Technology (IT) and Information Technology Enabled Services (ITES) export of Pakistan will touch the mark of $5 billion by 2020 due to the tax relief government has given to the IT sector. The launch of strategic initiatives and major tax exemption announced by Premier Shahid Khaqan earlier this month has given IT sector a massive opportunity to increase its export rate.

The government has also launched capital repatriation incentives for the private sector that means the transfer of foreign capital or money back to the home country to increase its revenue. Giving 5% cash reward on IT export is also included in the agenda to boost the IT industry of Pakistan in international markets. Pakistan’s IT sector has already crossed $3 billion export in this year and now it sets a new target.

See Also: PM announces biggest tax relief for IT sector in Pakistan

Talking to the Associated Press of Pakistan (APP), the ministry stated; Pakistan’s ICT sector can show remarkable growth and development in the coming years if continuous attention and opportunities are given to software development, e-governance, IT’s export, IT workforce export and smart monitoring. The minister further said the CPEC will bring more opportunities for innovation and growth of the e-commerce and IT sector that will eventually transfer the country into a hub of trade and commerce.

Minister of Information Technology and Communication also said that bringing ICT to remote and unprivileged parts of the country will open new employment opportunities for the people.

Last week, Anusha Rehman Federal Minister for Information and Technology while visiting PTA said it is a proud moment for Pakistan as the growth rate of exports have jumped to 125% over the last five years. The minister also added that the IT industry is not only growing in terms of the number of companies and revenue but also in exports and workforce on a yearly basis.