IT exports set another record of $310 million in April

Pakistan’s IT sector continued to maintain its accelerated pace with each passing month, as it made another historical record of $310 million in April 2024—an all-time high monthly inflow. Previously, the export receipts for the IT sector stood at $306 million in March 2024 and $303 million in December 2023.

Experts attributed the growth to consistent policy measures, including facilitation and incentives for IT exporters by the Ministry of IT and Telecommunications (MoIT) and the Special Investment Facilitation Council (SIFC).

According to the data revealed by the State Bank of Pakistan, the exports of IT and IT-enabled services surged to record highs throughout the financial year, crossing a mark of $2.593 billion during the period of July to April 2023–24 as compared to previous export inflows of $2.135 million, showing an increase of $458 million, or 21% year-on-year.

Renowned IT exporters Dr. Noman Said commented that the growth of IT exports depicted the confidence of IT exporters in government policies favorable for their sector’s development and expansion. The recent collective efforts of the IT sector made by the Ministry of IT, Pakistan Software Export Board (PSEB), and IT industry association mainly in the Gulf region translated into increasing exports of the IT sector.

Pakistan’s IT companies are maintaining growth in traditional and non-traditional markets, including the US, EU, and Gulf countries, which may result in consistent growth of IT exports in the coming months, he said and added. IT companies should keep their trust in government policies to work on high-margin projects, even through joint ventures with local partners or foreign companies.

President and CEO of the of the Pakistan Freelancers Association (PAFLA), Tufail Ahmed Khan, said the contribution of freelancers and remote workers is growing into overall exports of IT and IT-enabled services. He mentioned that the role of commercial banks and banking regulatory bodies to facilitate freelancers is vital to empower them to bring in IT remittances into the country through proper banking channels.

Various training and scholarship programs offered by various institutions, including tech giant Google, will enable thousands of people in Pakistan to make themselves valuable parts of the IT sector and economy. Not only will IT companies offer them jobs, but skilled IT workers could earn millions of dollars in Pakistan by working on various projects on different freelancing platforms. With two months left for the financial year, the exports of IT and IT-enabled services are likely to cross the mark of $3 billion in the current financial year 2023–24.

Also Read: Record IT Exports Hit All-Time High in Pakistan for March 2024