IT, ITeS export remittances up 17.37pc in first 8 months

ISLAMABAD: IT and IT-enabled Services (ITeS) export remittances comprising computer services and call centre services increased by around 17.37 per cent during the first eight months (July-March) of the current fiscal year 2023-24 and remained $2.283 billion compared to $1.945 billion during the same period of last fiscal year.

The official data showed that ITeS exports’ remittances increased by around four per cent a month-on-month (MoM) basis in March 2024 and remained $306 million compared to $257 million in February 2024.

On a year-on-year (YoY) basis, the sector export remittances increased by around 36 per cent compared to $225 million in March 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 Special Investment Facilitation Council (SIFC) for accelerated international business development and improving ease of doing business environment has 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.

Copyright Business Recorder, 2024