In July 2024, Pakistan’s IT and IT-enabled services (ITeS) IT exports remittances saw a significant increase of 34% compared to the same month last year, reaching $286 million. This represents a growth from $214 million in July 2023, although it is a slight decline from $298 million in June 2024.
The fiscal year 2023-24 saw IT export remittances hit a record $3.223 billion, marking a 24% increase from $2.596 billion in the previous fiscal year. However, recent slowdowns in internet services may impact future IT export growth.
The Ministry of Information Technology and Telecommunications, in collaboration with the Pakistan Software Export Board (PSEB) and the Special Investment Facilitation Council (SIFC), has been working to boost IT and ITeS exports by improving the international business environment and investor confidence.
Despite these efforts, challenges such as policy inconsistencies, taxation issues, and banking hurdles persist. The Economic Survey highlights that Pakistan’s IT industry currently generates around $2.6 billion in annual exports. To reach the target of $15 billion in the next five years, the country needs to train at least 200,000 skilled IT professionals.
Pakistan’s ICT sector is home to numerous international companies, including Bentley, Ciklum, IBM, Mentor Graphics, S&P Global, Symantec, Teradata, and VMware, which have set up global consulting, R&D, and BPO centers in the country. These developments not only provide high-paying jobs but also enhance Pakistan’s global image and attract foreign direct investment (FDI).
Key tech hubs in Pakistan include Karachi, Lahore, and Islamabad/Rawalpindi, with the industry employing over 600,000 English-speaking IT and BPO professionals skilled in various technologies.
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