Pakistan’s IT exports have grown to an estimated $2.9 billion. This rapid increase is due to government incentives to IT and Information Technology Enabled Services (ITeS) industry. Now Pakistan IT Exports Witnessed Growth to Nearly $2.9 bn.
There is also a large contribution of Pakistani freelancers to this rapid growth of IT exports. As it has been estimated that they are earning more than $300 million annually.
Pakistan IT Exports Witnessed Growth to Nearly $2.9 bn
Pakistan’s IT Industry is earning nearly $3.5 billion annually. This industry has demonstrated positive growth trends for the last four ten with 100% growth in export earnings.
Managing Director Pakistan Software Export Board (PSEB) Iftekhar Shah said:
Government incentives to the IT & ITeS industry include income tax exemption on IT exports till June 2019, 100% foreign ownership, 100% repatriation of capital and dividends, 3-year tax exemption for IT startups, and tax holiday for venture capital funds till June 2024. Pakistani domestic market for IT & IT Products and services is also strong, estimated at over $ 500 million in annual revenue, and growing rapidly.
Mr. Iftekhar Shah has also confirmed that Several long term projects are also in plan for the benefit of the IT industry. The aim of these projects is to focus on fostering innovation/entrepreneurship, infrastructure development, adoption of ICT in public sector and also the domestic demand generation for the ICT products/services.
To ensure the maximum benefits accrue to the growth of the local ICT Industry, government closely monitored and regularly reviewed the incentives, programs and projects geared towards IT industry growth.
Iftekhar Shah also mentioned that the under the leadership of Anusha Rehman, (Minister of Information Technology and Telecom) Ministry of Information Technology & Telecom, through PSEB is making efforts to facilitate all IT companies to multiply the exports of IT products and services from Pakistan.
The Minister has stressed upon PSEB authorities to complete all running projects within time period in order to boost IT exports.