The Ministry of Information Technology and Telecommunications has recommended the State Bank of Pakistan (SBP) to make the financial regulations more favorable to increase IT exports and attract investment in the sector.
This was said by Secretary IT Shoaib Ahmad Siddiqui at a webinar organized by Ministry of IT & Telecommunications and Pakistan Software Export Board (PSEB), in conjunction with Industry Association ([email protected]) and State Bank of Pakistan (SBP), to educate IT industry on SBP initiatives/schemes for IT/ITeS exporters, to discuss SBP related industry matters and to solicit recommendations for a smooth-running environment for IT companies with regards to financial transfers.
Secretary IT Shoaib Ahmad Siddiqui, while addressing the webinar, stated that the IT industry’s stellar growth is the result of efforts by Pakistani IT companies to maintain and grow their business despite the severe global economic downturn in key markets such as North America.
It shows that Pakistan’s IT industry is resilient to headwinds and has a strong ecosystem. He also applauded that the fiscal year 2019-20 (July 2019 to June 2020) has been a great year for IT & ITeS Export remittances. A record-breaking $1.231 billion has been received in IT & ITeS export remittances at a growth rate of 23.71% as compared to the fiscal year 2018-19.
Another reason for the industry’s growth is consistent efforts by the Ministry of Information Technology & Telecommunication and Pakistan Software Export Board to get IT companies to remit higher levels of earnings to Pakistan. MoITT and PSEB have also been working to get companies to report remittances to correct State Bank of Pakistan codes in order to ensure accuracy for determining Pakistan’s IT exports.
The webinar was attended by numerous IT companies. The Secretary IT directed PSEB to hold regular webinars to inform the IT industry on government initiatives, to discuss matters of importance to the IT industry, and to solicit industry input.
He stated that regular interaction between public and private sector entities is exceedingly important in order to ensure the holistic growth of Pakistan’s IT industry and to enhance its contribution to Pakistan’s foreign exchange earnings.