Pakistan’s IT exports surged by 24.1% in June
Pakistan’s IT exports grew by 24.1% year-on-year in June to $2.616 billion, according to the Ministry of Information Technology and Telecommunication (MoITT).
In its latest report, the MoITT stated that this significant increase is part of the country’s push towards a digital revolution.
The nation’s IT exports have also increased by 26% during the first eight months of the current fiscal year, compared to the same period of last year. They have doubled over the previous four years, with experts seeing a further 100% growth in the next two to four years, reaching $7 billion.
Further, the IT/ IT-enabled services sector is one of the fastest growing in the country, contributing around 1% of Pakistan’s Gross Domestic Product (GDP), which amounts to $3.5 billion.
Several successful startups are bringing additional investment to Pakistan. At the same time, IT outsourcing clients are moving to the country as South Asia nations are becoming increasingly expensive.
Pakistan’s software exports are currently worth $700 million, according to the State Bank of Pakistan. However, the country’s freelancers add another $1.2 billion to exports, an amount not recorded by the central bank as they are not registered.
Per the Pakistan Vision 2025 and Digital Policy 2018, the government is looking to grow the ICT industry size to $20 billion by 2025.
