Pakistan’s IT sector grows with more firms, exports, and budget
ISLAMABAD, PAKISTAN — Pakistan has seen a surge in the number of registered Information Technology (IT) companies.
According to a report by ARY News, around 20,000 IT companies are already registered across the country.
IT exports hit $2.3Bn, freelancer remittances at $35Mn
A recent Economic Survey Report also revealed that Pakistan witnessed substantial growth in exports of the IT sector, amounting to $2.283 billion.
This surge in exports highlighted the growing demand for Pakistani IT services worldwide and the sector’s contribution to the national economy.
Freelancers contributed significantly to this increase, with remittances from the sector reaching $35 million. This figure underscores the increasing reliance on freelance professionals to meet global IT demands.
Broadband and telecom expansion
The survey report also revealed a substantial increase in broadband and telecom users across the country.
Broadband users have reached 135 million, while telecom users have grown to 194 million. This expansion is indicative of the country’s digital transformation and increased connectivity.
IT budget hiked by 357% to $98Mn
Earlier this week, the federal government proposed a significant increase of 357% in the IT sector’s budget for the fiscal year 2024-25.
The Ministry of Information Technology and Telecommunication (MoITT) has reportedly been allocated PKR 27.43 billion (US$98.9 million) in the development budget, with PKR 6.28 billion (US$22.6 million) earmarked for 15 new projects.
The government has also proposed allocating PKR 21.15 billion (US$76.2 million) for ongoing projects and PKR 3.5 billion (US$12.6 million) for the Digital Economy initiative.
Other notable allocations include PKR 1 billion (US$3.6 million) for innovation in the IT industry, PKR 50 million (US$180,000) for the national assembly’s digitalization, and PKR 300 million (US$1.08 million) for smart office projects in government departments.
Mega investments in Islamabad, Karachi IT parks, cybersecurity
Significant investments are also planned for infrastructure development, with PKR 9.92 billion (US$35 million) allocated for the Islamabad Technology Development Park and PKR 6.78 billion (US$24 million) for the establishment of an IT park in Karachi.
Additionally, the budget includes a proposal for PKR 1 billion (US$3.6 million) for the Cybersecurity Fund for the Digital Pakistan project.
This comprehensive budget allocation reflects the government’s commitment to fostering growth and innovation in the IT sector, positioning Pakistan as a competitive player in the global IT market.
