Pakistan’s IT industry continues to maintain its fast pace from the previous month as it recorded revenue of $332 million in May 2024.
Earlier, the export earnings for the IT sector were $310 million in May and $306 million in March 2024.
Experts have attributed this growth to various policy measures by the Ministry of IT and Telecommunications (MoIT) and the Special Investment Facilitation Council (SIFC) to facilitate and encourage IT exporters.
According to data released by the State Bank of Pakistan, exports of IT and IT-enabled services reached a record high in the fiscal year and increased by $2.92 billion in the period July 2023-April 2024 compared to the previous year. $2.37 million in cash flow, representing an increase of $0.55 billion, or a 23 percent increase over last year.
The famous IT export Dr. Noman Saeed said the growth of IT exports reflects the confidence of IT exporters in the favorable government policies for the growth and expansion of their industry. The recent concerted efforts by the IT industry, mainly in the Gulf region, by the Ministry of IT, the Pakistan Software Export Board (PSEB) and the IT Industry Association have led to an increase in IT industry exports.
Pakistani IT companies continue to grow in traditional and non-traditional markets such as the US, EU and Gulf countries, which could lead to steady growth in IT exports in the coming months, he said. IT companies must maintain confidence in government policies to work on high-profile projects, even through local partners or joint ventures with foreign companies.
Saad Shah, another exporter, said the export of IT services continues to grow from the Gulf region, especially from the United Arab Emirates and the Kingdom of Saudi Arabia.
He pointed out that various IT companies set up offshore offices in these two countries, while expanding their operations to meet the country’s demand that offers profitable business opportunities.
The CEO of Hexalyze said that the economy of the Gulf countries is maintaining high growth and IT.
Tufail Ahmed Khan, President and CEO of Pakistan Freelancers Association (PAFLA), said that the contribution of freelancers and remote workers to the overall export of IT and IT-enabled services is increasing.
He said the role of commercial banks and banking regulatory bodies in facilitating freelancers is essential to enable the country introduce IT funding through appropriate banking channels.
Various training programs and scholarships offered by various organizations, including the tech giant Google, will enable thousands of people in Pakistan to become a valuable part of the IT industry and economy. Not only IT companies offer them jobs, but skilled IT workers can earn millions of dollars in Pakistan by working on various projects on various freelancing platforms.
With one month left in the financial year, exports of IT and IT-enabled services will exceed $3.3 billion in FY 2023-24.
IT exports set another record of $332 million in May
