Pakistan records historic increase in IT exports worth $310m last month

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Pakistan records historic increase in IT exports worth $310m last month

ISLAMABAD, MAY 18 /DNA/ – Pakistan has recorded a historic increase in its IT exports, achieving a growth of $310 million during the last month, according to Minister of State Shaza Fatima.

This marks the first time in the country’s history that such a significant rise in IT exports has been observed within a single month.

The minister highlighted that IT exports for April 2024 surged by an impressive 62.3% compared to the same month last year. She emphasized that increasing IT exports is a top priority for the current government, attributing this remarkable growth to the relentless efforts of the prime minister and the government’s dedicated focus on the IT sector.

In the month of April, 2024 ICT services export remittances surged to US $310 million, an astounding increase of 62.3% in comparison to US$ 191 million in April 2023.#MOITT @ShazaFK pic.twitter.com/tltIzNN60c

“This unprecedented increase in IT exports is a testament to our commitment to bolstering the digital economy and enhancing Pakistan’s position in the global IT market. This increase in IT exports is the result of the tireless efforts of the prime minister of Pakistan,” Minister Fatima said. She underscored the importance of continued support and investment in the IT industry to sustain this growth trajectory.

The minister of state also pointed out that this achievement reflects the effective policies and initiatives implemented by the government to foster a conducive environment for IT businesses and professionals.

Back in April, the Ministry of Information Technology reported a significant surge in Pakistan’s IT exports, with a remarkable increase recorded during the period from July to March of the current financial year.

According to official figures released by the ministry, there was a 17.44% rise in IT exports during the mentioned period, amounting to an increase of approximately $339 million. The total IT exports during this period were $2.283 billion, marking a considerable growth compared to the corresponding period last year, which was $1.944 billion.

The month of March alone witnessed an exceptional boost in IT exports, with a staggering increase of $306 million reported. This represents a remarkable 36% surge compared to March of the previous year. Additionally, March 2023 saw a notable increase of $225 million compared to the same month in 2022, further underlining the sector’s robust growth trajectory.=DNA