Pakistan’s IT exports likely to surpass $3bn this year

0
228

            ISLAMABAD,:Pakistan’s Information Technology exports are expected to surpass $3 billion target during the current financial year due to the congenial investment atmosphere provided by the government.

“In the first nine months, ICT exports’ remittances, including Telecommunication, Computer and Information Services for the period July 2021 to March 2022 have surged to US$ 1.948 billion at a growth rate of 29.26 % in comparison to the US $ 1.507 billion during the same period of FY 2020-21,” said an official of the ministry of IT and Telecom.

In March 2022, he said the ICT export remittances’ were the US $259 million at a growth rate of 23.92% as compared to US$ 209 million reported for the month of March 2021.

The official stated further that the net exports for the period July 2021 to March 2022 during FY2021-22 are US$ 1.472 billion, which was 75.56% of US$ 1.948 billion in exports.

Last year, he said that for the same period the net exports were US$ 1.126 billion, which was 74.72% of US$ 1.507 billion in exports.

To a question he said, the investments of Pakistani start-ups grew by almost five times as compared to 2020 and MOITT through Ignite has been providing both local and international networking platforms to the country‘s start-ups to pitch their business ideas and products to potential customers and investors.

National Incubation Centers (NIC) in Islamabad, Lahore, Peshawar, Karachi and Quetta have not only facilitated many youngsters to work and build on ideas which promote and encourage the investment infrastructure in the country but also towards an accelerated economy. These National Incubation Centers were the platform and Ministry was the facilitator.

“The newly established incubation centres of Hyderabad and Faisalabad would help people to expand and tap into the potential of Sindh and Punjab, we wish to provide the youth of a forum to bring your ideas into reality” he added.