‘SIFC’s decisions yielding remarkable results’: IT and telecom exports expected to cross $3bn mark: minister

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