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ISLAMABAD: The Information Technology (IT) exports remittances including telecommunication, computer, and information services during the first ten months (July-April) of the current fiscal year 2021-22 have surged to an all-time high of $2.198 billion growing by 29 percent in comparison to $1.7 billion during the same period in 2020-21.

The Ministry of Information Technology and telecommunication on Friday shared the data according to which in April 2022, information and communication technology (ICT) export remittances were $249 million at a growth rate of 29 percent when compared to $193 million reported in April 2021.

However, ICT exports remittances declined by four percent on month-on-month basis in April 2022 when compared to $260 million in March 2022.

The net exports for the period July 2021 to April 2022 during FY2021-22 are US$ 1.665 billion which is 75.75 percent of $ 2.198 billion in ICT exports. Last year, for the same period the net exports were $ 1.274 billion which was 74.94 percent of $ 1.7 billion in ICT exports.

Prime Minister Shehbaz Sharif has stated that Pakistan offers huge opportunities for investments in the technology sector and the government intends to increase IT exports from $1.5 billion to $15bn in the coming years.

For achieving this target, the premier said that foreign tech companies would be facilitated in all respects with regards to investment, expansion and close collaboration.

The Ministry of Information Technology presented recommendations in the last cabinet to enhance software exports. The cabinet told the ministry to present recommendations before the Economic Coordination Committee and later again before the cabinet.

Speaking at the meeting, the Prime Minister said Pakistan had a huge potential of investment and exports in the IT sector which needed to be exploited.

Federal Minister for IT and Telecommunication Syed Aminul Haq has directed the PSEB to take every possible step to achieve the target of IT exports remittances.

Copyright Business Recorder, 2022

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