Pakistan’s technology exports up 81% in August 2021
News Report
Pakistan’s technology exports have witnessed 81% YoY to USD 224 million in August 2021.
During 2MFY22, technology recorded exports worth USD 420 million, contributing 42% to the overall services’ export and marking a 46% YoY jump.
Pakistan’s information technology exports increased by 47.4%, surpassing $2 billion for the first time in the country’s history in the fiscal year 2020-21.
According to figures issued on Monday by the Commerce Ministry, IT exports reached $2.12 billion in 2020-21, up from $1.44 billion the previous year.
Furthermore, Razak Dawood commerce advisor congratulated exporters for reaching the $2 billion export threshold for the first time in history.
Mr. Dawood stated that he has always had faith in the ability of IT professionals and business owners.Dawood said that IT professionals and freelancers had done a remarkable job and stressed exploring markets. He also encouraged them to work more aggressively so that they could find more success and tap full potential in the future.
The government of PTI had focussed on diversifying exports and targetted the IT sector by offering different incentives to freelancers. The startups in Pakistan are also making remarkable progress during recent months.
Pakistan had witnessed an increase of 40 percent in IT exports in July-December 2020-21 compared to the same period last year
Federal Minister for IT and Telecommunication Syed Amin Ul Haque, Ministry of Information Technology and Telecommunication has directed to make efforts to boost exports.
IT ministry took measures to boost exports and encourage telecom companies.
Information and Communication Technology (ICT) remittances including Telecommunication, computer, and information services, have surged to the US $958 million at a growth rate of 40% during July-December of FY 2020-21, in comparison to US $684 million during July-December of FY 2019-20, according to performance report of Pakistan Software Export Board (PSEB), the attached department of the Ministry of Telecommunication.
Meanwhile, Federal Minister lauded the increase and said this is the highest growth rate for FY 2020-21 (July-December).
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He said in a statement that every possible step government is taking to increase, adding that Pakistan’s IT industry is rapidly growing. The Federal Minister for IT also appreciated the role of the Pakistan Software Export Board (PSEB) and the country’s IT industry.
