ISLAMABAD: Pakistan’s information technology (IT) sector has seen a remarkable surge, with exports rising 35% to $1.21 billion during the July-October 2024-25 period, putting the industry firmly in the spotlight.
In a significant boost, IT exports grew by 39% year-on-year and 13% month-on-month, reaching $330 million in October, according to the State Bank of Pakistan (SBP).
In order to expand this sector, Pakistan’s Prime Minister Shehbaz Sharif said that IT exports could cross $25 billion within five years.
Prime Minister Muhammad Shehbaz Sharif chairs a review meeting regarding reforms in Information Technology sector.
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.#techdestination #techdestinationpakistan #pmshehbazsharif #shehbazsharif #meeting #Innovation #reforms pic.twitter.com/alM9kzbtJg— Ministry of IT & Telecom (@MoitOfficial) November 22, 2024
The PM made these remarks during a review meeting on IT sector reforms in Islamabad, where the Ministry of Information Technology also presented a detailed roadmap for reaching the ambitious export target.
The PM pointed out there is a demand for Pakistani IT experts in Gulf nations and proposals related to this should be implemented soon.
The meeting was informed that the target for the next five years is to obtain 15 billion dollars in IT sector exports, 1 billion dollars from telecom exports, and 10 billion dollars from digitization.
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In terms of e-governance, Pakistan’s global ranking has improved significantly, rising 14 spots, the Ministry of IT said.
Pakistan’s ICT sector continues to shine with a remarkable 34.9% growth in export remittances, reaching US$ 1.206 billion in the first four months of FY 2024-25. pic.twitter.com/FLr741JeWC
— Ministry of IT & Telecom (@MoitOfficial) November 18, 2024
It added that around 2,500 new IT firms have been registered and Pakistan’s IT ranking has improved from seventy-nine to forty.
The meeting was also informed about the proposed plan to facilitate remittances for young people associated with the IT sector, especially freelancers. The Prime Minister praised this initiative regarding international payment gateways and issued instructions for its swift implementation.
