IT exports increased by 11% In 2023
IT Export Numbers Soar: Analyzing November 2023 Statistics Export remittances for IT and IT-enabled Services (ITeS) have seen a surge during the first five months (July-November) of the current fiscal year, 2023-24. These services include computer services and call center services and have increased by approximately 6%. The current numbers stand at $1.152 billion, which is higher than the previous fiscal year’s $1.088 billion during the same period.
According to official data, the export remittances of ITeS increased by 9% MoM in November 2023, reaching $259 million from $238 million in October 2023.
Export remittances rose by about 11% year over year (YoY) from $233 million in November 2022 to this amount.
The ICT export remittances are the earnings from the export of information, computer, and telecommunication services. In the fiscal year 2022-2023, the earnings from these services were $2.597 billion, which is slightly lower than the previous year’s earnings of $2.619 billion. This represents a negative growth rate of about 1%.
Dr. Umar Saif, the acting Federal Minister for Telecommunications and Information Technology, has recently unveiled Pakistan’s first-ever IT and ITeS export strategy. The objective of this strategy is to increase the country’s IT exports to $10 billion within the next three years.InsertRephrase
According to the strategy, the country could boost its exports to $12–15 billion USD.
Dr. Saif has introduced a plan to increase ICT exports. Currently, IT exports are at $2.6 billion. By adding 200,000 skilled workers to the current IT workforce, the exports are expected to reach $5 billion. To achieve the target of $10 billion, The Pakistan Startup Fund will be established which will raise the total volume of IT exports by an additional $1 billion. Moreover, IT companies will be allowed to retain dollars through the dollar retention facility, which will also increase exports by another billion dollars.
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