By maintaining a tremendous momentum in the current financial year, Pakistan’s IT exports have crossed a mark of $1 billion in only seven months of the financial year 2020-21.
The State Bank of Pakistan’s data revealed that remittances under IT and IT-enabled services surged to $1.119 billion from July 2020 to January 2021 compared to $812 million recorded in the corresponding period of the last financial year, showing a handsome growth of 37 percent year-on-year.
Pakistan’s IT Exports Cross 1 Billion Dollars in 7 Months of Financial Year 2020-21
According to industry insiders there is a possibility that the IT exports will touch a mark of $2 billion for the first time in the history of Pakistan if the pace of exports of services continues in the coming months.
The growth in IT exports was driven by the increasing automation, and digitalized services in different countries after new ways of doing business emerged following the outbreak of COVID-19 worldwide.
Different foreign companies, mainly from the USA and EU markets, prefer placing their orders to Pakistani companies rather than Indian and the Philippines.
Recently, the present government has taken various initiatives related to ease of doing business to promote the export-oriented business of IT companies in Pakistan. However, there are major initiatives in the pipeline which need to be accomplished soon.