ISLAMABAD: The country’s information technology and IT-enabled services (ITeS) exports remittances comprising computer services and call centre services registered around 35 percent growth during the first four months (July-October) of current fiscal year 2024-25 as it remained $1.206 billion compared to $893 million during the same period of last fiscal year.
According to official data IT exports remittances increased by around 38.6per cent on year-on-year basis in October 2024 and stood at $330 million when compared to $238 million in October 2023. On month-on-month (MoM) basis, IT exports remittances increased by around 13 per cent when compared to $292 million in September 2024.
The IT exports remittances reached an all-time high of $3.223 billion in the fiscal year 2023-24 while registering 24 per cent growth when compared to $2.596 billion in 2022-23.
The ICT export remittances have experienced a significant increase of 34.9per cent, reaching $1.206 billion during the first four months of fiscal year 2024-25 (July to October), said Minister of State for IT and Telecommunication Shaza Fatima Khawaja.
She said ICT exports were $894 million in the same period last year (2023-24).Shaza Fatima said in October 2024, the remittances from ICT services export amounted to $330 million, a 38.6per cent increase over $238 million in October 2023.
The Minister of State for IT said on the directives of the prime minister steps are being taken to increase IT exports.She said Ministry of IT, Pakistan Software Export Board (PSEB) and IT industry are committed to increase country’s IT exports.
Experts estimated that IT sector will continue its growth trajectory and momentum with likely growth of 10-15 per cent for fiscal year 2025 to $3.5-3.7 billion.
Telecom experts said that YoY jump in IT exports is due to IT export companies growing client base globally, especially in GCC region, relaxation in the permissible retention limit by the State Bank of Pakistan, increasing it from 35 per cent to 50 per cent in the Exporters’ Specialized Foreign Currency Accounts, and stability in PKR encouraging IT exporters to bring higher portion of profits back to Pakistan.
A major development in July 2024 was SBP adding a new category of Equity Investment Abroad (EIA), specifically for export-oriented IT companies. IT exporters can now acquire interest (shareholding) in entities abroad utilising up to 50 per cent proceeds from specialised foreign currency accounts. This development will further boost confidence of IT exporters to remit proceeds back to Pakistan.
Copyright Business Recorder, 2024
Comments
Comments are closed for this article.