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ISLAMABAD: The country's information technology and telecommunication exports are expected to cross $3 billion mark in next few months, said caretaker Federal Minister for Information Technology and Telecommunication, Dr Umar Saif.

“The timely decisions made by the Special Investment Facilitation Council (SIFC) are yielding remarkable results and paving the way to boost Pakistan’s IT exports to $10 billion,” the minister added.

In a video message, the minister said, “We worked with the SIFC and the State Bank to make a significant policy intervention last month, allowing IT companies to keep 50 percent of their export revenue in dollars in an account in Pakistan and make their international expenses without any restrictions from this amount.”

Pakistan's trade imbalance can be addressed through IT sector: Dr Umar Saif

The minister said that, as a result of the government initiative, IT companies are beginning to bring their dollars back home, and the country’s export revenue jumped by 14 percent in November, a 20% increase compared to last year.

At this rate, Dr Saif expressed hope that the country would cross $3 billion in IT exports in a few months. “Our journey towards $10 billion in IT export revenue is onwards and upwards,” he added. The positive results are expected to attract more foreign investments, creating a ripple effect that will benefit the entire technology ecosystem, he added.

Copyright Business Recorder, 2023

Comments

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TimetoMoVVeOn Dec 24, 2023 04:53am
Just exactly how long is the SIFC going to last. Will IK and NS support a military dominated SIFC. This was setup by the care taker govt . So what happens when the new govt comes to power?
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Syed Dec 24, 2023 01:16pm
I appreciate SIFC but food getting difficult and no money family five one going no food everyday give cash please
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Muhammad Waqas Dec 24, 2023 03:56pm
What SIFC and this clown has to do with this little IT export? Its all due to hard working freelancers grinding since a decade. this clown is just lifting balls of his master.
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Usman Dec 24, 2023 06:32pm
@Muhammad Waqas, so easy for you to discredit him and call him a clown.This man has served the nation alot more than other Pakistanis.not every one is clown like Imran khan who now is a joker behind the bars.
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zh Dec 24, 2023 10:29pm
During his dictatorship, Pervez Musharaf played a significant role in laying the foundation for the IT industry in Pakistan. Since then, the export of IT technologies has been on an upward trend. SIFC's policies have not contributed to its growth. The servile minister's statement is merely an attempt to deflect attention from the SIFC's utter failure.
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Haris Fahim Dec 25, 2023 03:02pm
@Usman, seems like some paid keyboard warrior spewing venom against popular leader Imran Khan. The whole caretaker farce, the PDM mob and the company is wholly responsible for destroying Pakistani economy. Not a single dime was thrown at SIFC from external investors let alone touted $ 100 billions.
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