IT exports surge by 40% in H1 FY 2020-21

ISLAMABAD:The country’s IT sector exports have registered a 40 percent increase during the first half of the current fiscal year (July-December), said the performance report of Pakistan Software Export Board (PSEB), an attached department of the Ministry of IT and Telecommunication.

According to the report, Information and Communication Technology (ICT) export remittances including export of Telecommunication, computer and information services, have surged to US $958 million at a growth rate of 40% during July-December of FY 2020-21, in comparison to US $684 million during July-December of FY 2019-20.

An official of Ministry of IT and Telecommunication said that IT sector was growing at a faster rate, earning valuable foreign exchange, creating high paying jobs, improving national productivity and quality of life through innovative technology solutions.

He said the number of PSEB registered IT & ITeS companies as of November, 30 2020 was 2,746 compared to 2,121 valid registrations as of November, 2019.

North America, UAE and UK were currently the largest markets for Pakistan’s IT Industry, he said.

He said Pakistan’s IT sector exported products and services to over 100 countries and counts world’s largest entities among its regular clients. It was the largest net service export industry in Pakistan’s economy, he added.

He said Pakistan’s IT sector had the bandwidth to provide state of the art IT products and services and thus had the potential to significantly boost much needed foreign exchange earnings for Pakistan.