ISLAMABAD: Information technology (IT) and IT-enabled services (ITeS) export remittances comprising computer services and call centre services increased by around 23 per cent during the first 11 months (July-May) of the current fiscal year 2023-24 and remained $2.925 billion compared to $2.371 billion during the same period of last fiscal year.
The official data showed that ITeS exports’ remittances increased by around seven per cent on a month-on-month (MoM) basis in May 2024 and remained at $332 million compared to $310 million in April 2024.
On a year-on-year (YoY) basis, the sector export remittances increased by around 41 per cent compared to $236 million in May 2023.
The ICT export remittances, including telecommunication, computer, and information services, stood at $2.597 billion, a negative growth rate of around one per cent in the fiscal year 2022-23 compared to $2.619 billion in the fiscal year 2021-22.
The Ministry of Information Technology and Telecommunications stated that efforts of the ministry and the Pakistan Software Export Board (PSEB) in close coordination with the Special Investment Facilitation Council (SIFC) for accelerated international business development and improving ease of doing business environment have enhanced IT and ITeS exports and resulted in building IT industry’s confidence.
The ministry has identified several constraints including inconsistency in policies, taxation issues and banking hurdles which are hampering the country’s information technology sector’s export potential of around $15 billion.
It may be noted that the Economic Survey says that the IT industry in Pakistan currently generates an annual export of around $2.6 billion. However, to achieve the ambitious target of yearly exports of US$ 15 billion in the next five years, adding at least 200,000 proficient and specialised IT professionals is necessary. Pakistan’s ICT industry caters to the world’s largest entities among its regular clients.
Several international companies, including Global enterprises like Bentley®, Ciklum®, IBM®, Mentor Graphics®, S&P Global®, Symantec®, Teradata®, and VMware® have established global consulting services centres, research and development facilities, and Business Process Outsourcing (BPO) support services centres in Pakistan thus generating high paying job opportunities for the talented youth, contributing to the development of the soft image of Pakistan, and attracting FDI. Major tech hubs in Pakistan’s IT and ITeS industry are Karachi, Lahore, and Islamabad/ Rawalpindi.
Pakistan’s ICT industry has 600,000+ English-speaking IT and BPO professionals with expertise in current and emerging IT products and technologies.
Copyright Business Recorder, 2024
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