The ministry of Commerce revealed that Pakistan’s technology exports have increased by 80.6 % in August 2021 over the same month last year. During the month under review, technology exports were recorded at $224 million against $124 million in August 2020. According to central bank figures, Pakistan ICT exports increased 46 per cent to $420 million in July-August of the current fiscal year. However, the exports were $287 million last year.
During the fiscal year 2020-21, Pakistan’s IT exports increased 47.4 per cent and crossed the $2 billion mark for the first time in the country’s history. On the other hand, in the fiscal year 2019-20, the exports were $1.44 billion.
Pakistan ICT Exports Increased 46% in July-August 2021
The government has focused on the technology and IT sector to boost exports. For this purpose, govt offered different incentives to freelancers. The startups in Pakistan have also made remarkable progress during recent months. Telecommunications, computers and information services are the major items of services exports.
According to the International Labour Organization Flagship Report 2021, Pakistan has been ranked as the 2nd largest supplier of online labour in software development and technology.
Federal Minister for IT and Telecommunication Syed Amin Ul Haque the other day inaugurated a portal for online registration of freelancers at Pakistan Software Export Board (PSEB). Minister said the Pakistani freelancers had fuelled the growth of the gig economy in the country. The growth of Pakistani freelancers would enhance the country’s export earnings.
He also said that govt has developed a National Freelancing Facilitation Policy after significant consultation. The main purpose of this policy is to accelerate and sustain the development of the freelancer industry in Pakistan.
Freelancers would be allowed to open a special dollar account to receive payments for their individual IT exports. The government is also working to introduce Special Technology Zones (STZs) all over the country to further boost the IT industry.
According to the experts, if a package for the IT and telecom sector gets implemented then IT exports could jump to $4 billion
Last month, the government announced to establish a Rs10 billion fund for providing cash rewards to IT companies against their exports. The government is also set to offer a five per cent rebate on these exports.
The higher growth in the country’s technology product and services exports was due to the coronavirus pandemic related rise in freelancing activities.
Source: The News