ISLAMABAD (ABC) – Pakistan’s IT exports grew to $1.45 billion in the first half of the fiscal year 2023-24, and the exports are expected to cross $3 billion by the year-end.
Pakistan’s IT exports in FY23 totalled $2.6 billion.
Commenting on the positive development, Ali Raza, former chief executive officer of Pakistan Software Export Board, told WealthPK that the increase in the permissible retention limit for Exporters’ Specialised Foreign Currency Accounts from 35% to 50% by the State Bank of Pakistan and the stabilisation of the rupee against the US dollar were the two main factors that played a significant role in the growth of IT exports.
He further said that the surge in IT exports was attracting the attention of foreign investors, especially Chinese companies, who were exploring opportunities for IT manufacturing facilities in Pakistan.
He said the growth in the IT exports needs to be sustained and long-term policies are needed to boost the confidence of local and foreign investors.
“Cash rewards should be given to leading IT exporters to enhance their contribution to export growth.”
“IT companies need to invest more in research and development to compete on the global market,” he said.
Raza further said that IT played a crucial role in developing a knowledge-based society sustaining a country’s economic growth.
“The government needs to actively pursue the ‘Digital Pakistan Policy’ to promote a digital economy leading to economic prosperity.”
Speaking to WealthPK, noted economist Prof Ashfaque Hasan Khan said that the IT sector had the ability to ensure rupee-dollar parity and control the costlier dollar’s multiplier effects on inflationary trends.
He said that the Special Investment Facilitation Council (SIFC) cold play a major role in attracting investors to invest in the IT industry by removing red tape and ensuring policy consistency.
“The Ministry of Information Technology and Telecommunication, SBP, Federal Board of Revenue, Pakistan Software Export Board and Securities and Exchange Commission of Pakistan should all have uniform and supportive policies in place to promote the development of the IT industry,” he stressed.
Ashfaque opined that the MoITT should start training programmes for developers of games and apps and for promotion of fintech, digital government, blockchain technology and Artificial Intelligence.