IT, ITeS export remittances surge 41.39 percent

ISLAMABAD: Pakistan’s information technology (IT) and IT-enabled Services (ITeS) export remittances have surged to $1.298 billion at a growth rate of 41.39 percent during the July- February 2020-21, compared to $918 million during the same period last year.

According the Economic Survey 2020-21 unveiled by Minister for Finance and Revenue Shaukat Tarin here at a news conference on Thursday said, ITeS export remittances comprising of computer services and call centre services have surged to US$1.113 billion at a growth 41.65 percent during July-February FY2021 in comparison to US$785.686 million during July-February FY2020.

The number of Pakistan Software Export Board (PSEB) registered IT & ITeS companies as of March, 30, 2021 is 3, 013 compared to 2, 484 as of March, 2020 showing a growth of 21 percent.

Pakistan’s IT sector has a promising future, brimming with talent and the potential to become the largest export industry of the country. IT industry is already among the top 5 net exporters of the country with the highest net exports in the services industries.

He said that during July 2012 to February 2021, telecom sector has attracted over US$ 3.9 billion of Foreign Direct Investment (FDI).

The minister said, FDI in telecom during July-February FY2021 was US$ 101.1 million. Telecom operators have invested an amount of US$ 363.9 million during July-December FY2021.

The main driver behind this investment is the cellular mobile sector which has invested US $253.5 million during the period.

The overall investment in the telecom sector during the first, 8 months of FY2021 crossed US$ 465.0 million. Telecom Sector Contribution Telecom sector is a significant source of revenue generation for the national exchequer. The telecom sector’s contribution to the national exchequer registered 129 percent growth in FY2021.

Shaukat Tarin said, that an international consultant has also been hired through the World Bank for preparation of a comprehensive report on 5G readiness in the country.

Cyber Security is one of the highest priority areas of the government, extensive efforts were undertaken to draft Pakistan’s first National Cyber Security Policy.

The policy aims to develop secure and resilient cyber systems and networks for national cyber security and to protect private, public and critical infrastructure.

It will be uploaded on the Ministry of Information Technology and Telecom’s website for consultations after requisite approvals have been accorded.

He said, that Right of Way Right of Way (RoW) is one of the major impediments towards the growth of the Telecommunication sector of Pakistan.

The minister said, USF has launched various projects to provide telecommunication coverage to approximately 12, 000 unserved mauzas with a population of around 15 million across all provinces of Pakistan.

More than 8, 364 unserved mauzas across the country have already been provided with coverage through USF. In the current Fiscal Year, 203 mauzas have been served by USF under previously running projects, whereas, Rs 46.97 million have been disbursed upon completion of different project milestones.