Tech Evolution: MOITT and PwC Launch Groundbreaking IT Export Strategy for PSEB

Caretaker Minister for Information Technology and Telecommunications Dr. Umar Saif has successfully unveiled the nation’s first ever IT and ITeS Export Strategy to increase Pakistan’s IT Exports, up to $ 10 billion in the next three years. Speaking as the chief guest at the launching ceremony at a local hotel in Islamabad on Thursday, Dr. Umar Saif said that the Pakistan Software Export Board (PSEB) under Ministry of IT and Telecommunication (MoITT) in collaboration with PricewaterhouseCoopers (PwC), and other international partners, including faculty from the University of Oxford, developed this strategy which is closely aligned with our vision.

Dr. Umar Saif further said that ICT is the only key open the door to stabilizing and strengthen Pakistan’s economy. Special Investment Facilitation Council (SIFC) has a significant role in enabling the sector and removing departmental bottlenecks, the forum of the SIFC is paving the way for Foreign Direct Investment in Pakistan.

Highlighting about the strategy to increase ICT exports, Dr. Umar Saif said that according to the official figures, IT exports are $ 2.6 billion, we will add another 200,000 skilled people to the existing IT workforce, which will increase exports to $ 5 billion. Similarly, allowing IT companies to keep dollars (Dollar retention facility) will increase exports by one billion dollars, while the establishment of The Pakistan Startup Fund will increase the total volume of IT exports by another $ 1 billion to help it meet the target of $ 10 billion.

Dr. Umar emphasized the strategy’s potential, presenting a vision that prioritizes human resource development, capacity building, the implementation of a freelancers’ facilitation program, a startup funding initiative, and the nurturing of a resilient IT ecosystem. His comprehensive approach extends to the facilitation of business-friendly policies and international marketing efforts, ensuring a dynamic environment that propels the industry to flourish on the global stage.

Pakistan’s First Ever IT Export Strategy

Talking about the key points of the report Dr. Umar Saif said that this report confirms that there is a substantial opportunity for Pakistan to grow its IT/ITeS Export revenues to $10-$18bn by 2028 and would make Pakistan a Global IT hub, with a commensurate increase in the Domestic industry to over $6bn per annum. This is particularly the case in 5 priority IT/ITeS market segments, and within those,12 priority sub-segments for the Pakistan IT/ITeS Industry which have been identified as having a combination of a high global market growth rate, significant global market size and a large part of the global market available to exploit as there are relatively few established players.

Additionally, an increase of activity, capacity, and capability of the IT/ITeS Industry will have spin-off benefits for associated industries and the economy at large – for example e-Commerce, Financial Services, or the provision of public services (e-Government). Growth in Pakistan’s IT/ITeS exports will result from the global growth in IT markets, and to support this, the country needs to undertake a significant training and skills initiative over the next five years.

However, the Export market growth will be sub-optimal if the macro-conditions in the country are not also made more favorable – if this is not done, it is likely the level of ambition for IT/ITeS exports will not be met.

Zohaib Khan, Chairman of P@SHA, delivered a resonant message on the critical role of the IT industry in shaping Pakistan’s economic landscape. His insights underscored the pivotal importance of industry participation, emphasizing how the report is meticulously guided by industry insights. Mr. Zohaib Khan also highlighted how industry collaboration is integral to the success of national projects and initiatives.

Gerard Newman, Study Project Director, a former senior partner of PwC UK, shed light on the significant opportunities for Pakistan’s IT/ITeS export revenues. He identified five priority IT/ITeS market segments with significant global market size and relatively limited competition, and the need for an enabling business environment to support the growth of the nation’s IT/ITeS industry.

The ceremony also featured a panel discussion with industry experts, addressing key aspects of the strategy, including challenges and the way forward. The discussions emphasized unanimous agreement on strategies to remove current constraints and penalties inhibiting the industry’s growth.

The event underscored Pakistan’s commitment to elevating its IT/ITeS export revenues, aiming for substantial growth of over $10 billion annually in the upcoming years. This strategy signifies a critical step towards harnessing the full potential of Pakistan’s IT and ITeS industry, fostering growth, innovation, and global competitiveness.

Also read:

Minister Highlights Pakistan’s Potential of Becoming a Digital Corridor of Connectivity