ISLAMABAD: Pakistan’s telecom sector exhibited notable resilience during the fiscal year 2023-24 (July-March), expanding its services and accruing an estimated revenue of Rs 735 billion, the Economic Survey 2023-24, presented by the country’s Finance Minister, revealed.
According to Senator Muhammad Aurangzeb, total telecom subscriptions (mobile and fixed) reached 194 million, by March 2024, boasting an impressive teledensity of 80.7% across the country.
The direct contribution of the telecom sector to the total GDP stands at Rs 213 billion.
The integration of information technology and telecom facilitated digital transformation across various sectors such as finance, healthcare, education, agriculture, and government services. This transformation resulted in enhanced service delivery, increased accessibility, and efficiency gains, ultimately propelling economic development.
During the review period, ICT sector exports soared to US$ 2.283 billion, comprising 39.31% of the total export of services, with ‘Other Business Services’ trailing at US$ 1.205 billion. Furthermore, Pakistan-based freelancers contributed US$ 350.15 million in foreign exchange earnings during FY 2023-24 (July-March).
Acknowledging the pivotal role of the Information Technology and Telecommunication sector, the Economic Survey emphasized the necessity of sustained investment and robust policy support to fully harness its potential for economic growth and improved quality of life for citizens through digital transformation.
The Vision of Digital Pakistan is spearheading comprehensive digital transformation across various sectors, promising new opportunities for economic growth, innovation, and inclusive development. Initiatives like the China-Pakistan Digital Corridor and investments in the digital economy, alongside the Joint Working Group (JWG), are fostering innovation, boosting investment cooperation, and promoting the adoption of new digital technologies.
Pakistan’s prowess in IT&ITeS outsourcing was underscored by Kearney’s 2023 Global Services Location Index, ranking it as the most financially attractive destination globally. The development of Pakistan’s ICT sector is evident with over 20,000 IT&ITeS companies registered with the SECP, including both domestic and export-oriented enterprises.
Highlighting inclusivity and empowerment, the Pakistan Software Export Board (PSEB) inaugurated its inaugural women’s software technology park at the Women’s University of Bagh, Azad Jammu & Kashmir during FY 2023-24.
As of March 31, 2024, National Incubation Centers (NICs) have nurtured over 1,480 startups, with over 710 successfully graduating, generating over 128,000 jobs, attracting a total investment of Rs 23 billion-plus, and amassing a combined revenue exceeding Rs 16 billion.
