Pakistani IT exports hit highest level of history in FY 2022 under PTI government
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The Information Technology (IT) exports remittances including telecommunication, computer, and information services during the fiscal year 2021-22 (FY22) surged to an all-time high of $2.616 billion growing by 24 percent in comparison to $2.108 billion during the fiscal year 2020-21.
According to the official data, Information and Communication Technology (ICT) exports remittances were $235 million in June 2022, registering a growth rate of 11 percent when compared to $210 million reported in June 2021.
ICT exports remittances also registered 28 percent growth on a month-on-month basis in June 2022 when compared to $183 million in May 2022.
Prime Minister Shehbaz Sharif recently stated that Pakistan offers huge opportunities for investments in the technology sector and the government intends to increase IT exports to $15 billion in the coming years.
For achieving this target, the premier said that foreign tech companies would be facilitated in all respects with regard to investment, expansion, and close collaboration.
However, Federal Minister for Information Technology and Telecommunications Syed Amin ul Haque has said that the Federal Board of Revenue’s policies and some rules of the State Bank of Pakistan (SBP) are hindering the growth of Information Technology (IT) exports.
Sources told this correspondent that the IT Ministry will target $5 billion in exports of the Information Technology (IT) sector in the current fiscal year, which would be subject to the resolution of outstanding issues with the FBR and the SBP. The ministry has concerns over matters related to withholding tax and incentives for freelancers.
