Remittances Through IT Exports Surge by Almost 40% in July-October

The Information & Communications Technology (ICT) export remittances, including telecommunication, computer, and information services, have surged to $830 million during July-October of the current fiscal year, posting a growth rate of 39.26% as compared to $596 million during the same period in the FY2020-21.

The net exports for the period July-October FY2021-22 are $630 million, which is 75.9% of $830 million in exports. For the same period last year, the net exports were $423 million, meaning 70.97% of $596 million in exports.

The government has set a target of $5 billion for export remittances through IT and IT-enabled services for the next three years.

A government spokesperson told ProPakistani that the target of IT export remittances set for 2023 is $5 billion after record remittances made last year. The official added that more than 6,000 Pakistan-based IT companies were providing IT products and services to entities in over 100 countries.

It is worth mentioning here that the export remittances of IT and IT-enabled services, comprising computer services and call center services, surged to $2.123 billion at a growth rate of 47.43 percent in the fiscal year as compared to $1.44 billion during 2019-2020.

The spokesperson said the government was taking all possible steps to ensure a long-term IT industry growth trajectory and to enhance IT industry exports to $5 billion by 2023.

On an overall basis, strong incentives are being provided to the IT industry, and there are several projects intended to facilitate and assist the IT industry in its growth trajectory and to ensure continued upward momentum in local and export earnings. Pakistan was ranked the 3rd most popular country for freelancing in the world, and Pakistani IT companies are providing products and services to the world’s largest companies, the official concluded.