Pakistan’s IT sector poised for $3Bn exports in FY24
KARACHI, PAKITAN — Pakistan’s software and IT industry is set to become the country’s third-largest export sector, with projections of US$3 billion in export earnings in fiscal year 2023-24, underscoring technology’s role in economic growth.
Speaking at the Bank of Future Forum (BOFF) 2023, Systems Limited CEO and Managing Director Asif Peer highlighted Pakistan’s remarkable IT export progress and identified Saudi Arabia and the United Arab Emirates (UAE) as substantial markets for its tech products.
This IT export surge positions the sector as Pakistan’s third-largest exporter after textiles and rice.
Peer also emphasized artificial intelligence‘s profound impact on the tech industry, especially in the security segment.
“It is imperative for businesses and financial institutions to embrace this transformation and harness the power of artificial intelligence and innovative technology,” he added.
Meanwhile, Habib Bank Limited CEO and President Muhammad Aurangzeb highlighted the importance of faster, cheaper, improved digital services. He also noted that now is the time to accelerate technological advancements in Pakistan.
Pakistan witnessed a 10% month-on-month (MoM) surge in its IT exports last August, reaching US$235 million. The IT sector has shown consistent growth despite economic challenges, providing quality services at affordable prices.
The government has recognized IT as an important pillar of its strategy, with initiatives to promote IT education and exports. However, more policy support is needed to address issues like market diversification and access to finance for small firms.
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