Jul 2021 to Jan 2022: ICT export remittances surge to $1.487bn

ISLAMABAD: The ICT export remittances, including telecommunication, computer and information services for the period July 2021 to January 2022 during fiscal year 2021-22 have surged to $1.487 billion at a growth rate of 32.65 percent in comparison to $1.121 billion during the same period in FY 2020-21.

The data released by the Ministry of Information Technology and Telecommunication shows that in January 2022, the ICT export remittances are $185 million at a growth rate of 14.2 percent when compared to $162 million reported for the month of January 2021. However, $66 million lower than export remittances during the previous month December 2021.

The net exports for the period July 2021 to January 2022 during FY2021-22 are $1.116 billion which is 75.05 percent of $1.487 billion in exports. Last year, for the same period the net exports were $804 million which was 71.72 percent of $1.121 billion in exports.

The government has set exports target of $5 billion by end fiscal year 2023.

Prime Minister Imran Khan has approved a package of fiscal and non-fiscal incentives for freelancers, which is expected to help in achieving the exports target.

Federal Minister for IT and Telecommunication, Syed Aminul Haq has directed the PSEB to take every possible step for achieving target of IT exports remittances. He said under the prime minister’s vision of “Digital Pakistan”, it was vital to take forward all the matters related to information technology and connect the youth especially students to the digital world.

He said the Ministry of IT was playing an important role regarding coping the Covid-19 pandemic through information technology, adding the coronavirus cases were now declining in the country. The generous incentives from the government and various projects to enhance capacity and capability of the IT industry have resulted in strong industry growth rates.

Copyright Business Recorder, 2022