IT Exports Reach $1.11 Billion With a 20.75% Increase in Pakistan
On the directions of the Federal Minister for IT and Telecommunication, the Ministry of IT and Telecommunication is continuing its efforts to enhance IT exports and encourage IT companies.
The IT & IT-enabled Services (ITeS) export remittances comprising of computer services and call center services have surged to $1.11 billion at a growth rate of 20.75% over the first 11 months of FY 2019-20 (July – May), in comparison to $917.875 million during the same period in FY 2018-19, according to performance report of Pakistan Software Export Board (PSEB), an organization under Ministry of IT and Telecommunication.
IT Industry has been a star in Pakistan’s economy and has achieved positive year on year growth as a result of strong government support, skilled entrepreneurs, and a talented workforce.
The Ministry of IT is taking all possible steps to ensure the sustainable growth of Pakistan’s IT Industry and to ensure close coordination with the IT industry and associated stakeholders.The generous incentives from the government, and various projects to enhance the capacity and capability of the IT Industry have resulted in strong industry growth rates. Incentives to the industry include zero income tax on IT & ITeS exports till June 2025, tax breaks for PSEB registered IT start-ups for 3 years, up to 100% foreign ownership of IT & ITeS companies, up to 100% repatriation of profits for foreign IT & ITeS investors, tax holiday for venture capital funds till 2024, among other incentives.
Secretary IT Shoaib Ahmad Siddiqui stated that PSEB has highly trained and experienced assets in the form of commercial counselors in important cities around the world and that they can contribute significantly to projecting Pakistan’s IT & ITeS sector around the globe.
He directed PSEB to engage and utilize the services of Pakistan’s commercial counselors to enhance Pakistan’s IT & ITeS exports and for facilitating Pakistan’s IT companies in the overseas markets.