Pakistan IT Industry Records Over $600 Million in Exports During Jul-Dec FY 2019-20

For the first time, the Pakistan Information Technology sector has shown a 21 percent growth than ever done in previous years.

As indicated by the State Bank of Pakistan (SBP), exports of IT and IT-empowered administrations flooded to $653 million from July to December 2019 when contrasted with $536 million recorded in the relating time of a year ago.

The business made exports of above $100 million every month in the current year, which is a record for the nation as different trading nations are seeing a slump in the economy. The development in exports could likewise be credited to a move from fares of administrations to productive territories including BPO and programming consultancy.

The key takeaway from this growth is the greater development path towards app development and payment solutions which in return are empowering the domestic industry to tackle foreign opportunities

PSEB hasn’t made any headway since its inception more than 25 years ago. In the past decade with the technological boom and easy to use internet service have not only created opportunities which were non-existent but has generated a much-needed revenue.

The Task Force on IT & Telecom should be thanked for this double-digit growth. The task force has made strong recommendations in regard to abolishing duties and taxes on ICT services.

Written by Hisham Sarwar

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