IT industry to support MoITT in achieving $3.5bn export target

ISLAMABAD: The information technology (IT) industry will fully support the initiatives of the Ministry of IT and Telecom (MoITT) in achieving the export target of $3.5 billion for the outgoing fiscal year2023-24.

This was stated by Muhammad Zohaib Khan, chairman of Pakistan Software Houses Association (P@SHA), while talking to the media and further added that they should aim for $5 billion for the next fiscal year 2024-25.

He further said that IT exports of the country had performed exceedingly well in March 2024 as they clocked at $306 million; whereas, they clocked at $257 million in February 2024. As per the latest trade statistics, that was a healthy, encouraging and robust 19 percent month-on-month (MoM) growth, he added.

Khan stated that the IT industry and the private sector was working under challenging circumstances; and the Special Investment Facilitation Council (SIFC) and Ministry of IT and Telecom (MoITT) had proven to be catalytic in the recently concluded ITCN Asia in Lahore to attract FDI to the industry. “Investment is like the lifeblood for a fast-expanding industry; and, to top it all, we have received investment pledges mainly in emerging technologies,” he added.

Elaborating trade data further, Khan informed that year-on-year (YoY) growth showed a 36 per cent increase as in March 2023, IT exports stood at $225 million. Crossing $300 million in a single month makes the IT industry second to only textiles in Pakistan. The IT export for the month of March 2024 is also the highest exports of the industry in a single month in the country’s history.

Khan reiterated his stance that this achievement is the result of hard work for the last months; SIFC’s umbrella and favourable government policies. “All we need is policy continuity coupled with new initiatives vis-a-vis skills development and branding of the IT sector on a global scale for the country’s soft image,” he added.

The P@SHA chairman emphasised that the MoITT, Ministry of Finance and the FBR should give due consideration and incorporation to their budgetary proposals for the fiscal year 2024–25, which they have already submitted to the concerned forums.

Copyright Business Recorder, 2024