The IT and IT-enabled Services (ITeS) export remittances increased by three percent during the first five months of the current fiscal year 2022-23. The computer and call center services remained at $1.087 billion compared to $1.051 billion during the same period of the last fiscal year. According to the year-on-year (YoY) data shared by the State Bank of Pakistan, the IT exports remittances increased by five percent and remained at $233 million in November compared to $221 million in November 2021, while on month-on-month basis, the IT sector’s exports remittances increased by five percent when compared to $221 million in October 2022.
$5 Billion IT Exports Target to be Achieved by June 2023
The Federal Minister of Information Technology and Telecommunication, Syed Aminul Haque, has predicted that the IT exports target of $ 5 billion would be achieved by June 2023. He further added that the government is taking all the necessary steps to ensure the long-term growth of the IT industry and enhance IT industry exports to $5 billion by 2023.
During the first quarter of the current fiscal year 2022-23, IT exports declined by 0.3 percent and remained at $ 633 million compared to $ 635 million during the same period of the last fiscal year. The IT minister has warned that the non-implementation of incentives, lack of consistency, long-standing banks-related and tax issues will only hamper the telecom sector exports remittances.
The future Belongs to Technology
Pakistan’s IT industry is not at par with that of the developed world, and as a result, less than 20 percent of our IT graduates are qualified to serve the export industry. The future belongs to artificial intelligence, 5G, the internet of things, cloud and mobile computing, cryptocurrency, robotics, and many more. By capitalizing on these technologies, Pakistan can become richer than the developed countries.
Also read: Aminul Haque Lashes out at SBP and FBR for Hindering the Growth of IT Exports
