The Information Technology (IT) exports remittances includingtelecommunication, computer, and information services during the fiscalyear 2021-22 (FY22) surged to an all-time high of $2.616 billion growing by24 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 agrowth rate of 11 percent when compared to $210 million reported in June2021.
ICT exports remittances also registered 28 percent growth on amonth-on-month basis in June 2022 when compared to $183 million in May 2022.
Prime Minister Shehbaz Sharif recently stated that Pakistan offers hugeopportunities for investments in the technology sector and the governmentintends to increase IT exports to $15 billion in the coming years.
For achieving this target, the premier said that foreign tech companieswould be facilitated in all respects with regard to investment, expansion,and close collaboration.
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However, Federal Minister for Information Technology and TelecommunicationsSyed Amin ul Haque has said that the Federal Board of Revenue’s policiesand some rules of the State Bank of Pakistan (SBP) are hindering the growthof Information Technology (IT) exports.
Sources told this correspondent that the IT Ministry will target $5 billionin exports of the Information Technology (IT) sector in the current fiscalyear, which would be subject to the resolution of outstanding issues withthe FBR and the SBP. The ministry has concerns over matters related towithholding tax and incentives for freelancers.
