KARACHI – The information and communications technology (ICT) exports havesurged to near the $2 billion mark by the end of nine months of the currentfinancial year 2021-22.
The sector maintained a healthy growth of inflows which stood at $1.94billion from July to March during the current financial year 2021-22 with a29.2 percent year-on-year increase, according to the latest data issued bythe State Bank of Pakistan.
ICT exports have been rising consistently since the Covid-19 outbreak, asPakistani firms and freelancers capture the growing global demand fortech-related services in the wake of remote working and e-learningarrangements. Within ICT, exports increased across almost all segments,including software consultancy, call centers, and telecom services, duringthe period.
As the country witnessed a transition in government recently, exporters ofthe IT sector are optimistic that the continuation of policies could beseen under the same minister who has been a part of various initiatives ofIT projects with an understanding of the issues.
However, speed actions are needed at the end of the government to enhancethe exports of the sector in the coming months including the release ofrebates to IT exporters and withdrawal of withholding tax on IT companies.
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ICT companies should be given confidence for expanding their business atthe domestic and international level by restoring their confidence whichwas hurt by the continuous depreciation of the Rupee against the Dollar andaggressive actions of the tax authority for non-applicable taxes.
With a quarter left in the financial year 2021-22, it is expected that ITexports may surge to over $2.5 billion by the end of the current financialyear which is less than $1 billion of the industry estimates.
