The diligent endeavors of the Special Investment Facilitation Council (SIFC) have yielded remarkable results, showcasing a substantial surge in Pakistan’s IT exports.
In March 2024, Pakistan witnessed an unprecedented milestone as its IT exports soared to a historic high of $306 million, marking a notable achievement in the realm of digital commerce. This surge propelled the cumulative IT exports for the initial nine months of 2024 to an impressive $2.28 billion, reflecting a commendable year-on-year escalation of 17 percent.
At the onset of the fiscal year 2024, the aggregate IT exports stood at $2.28 billion. However, the dynamic landscape witnessed a significant augmentation with a staggering increase of $275 million in March 2024 alone, representing a remarkable 37 percent uptick.
The IT and Telecom sector, a pivotal domain within the purview of the Special Investment Facilitation Council (SIFC), has emerged as a beacon of progress and innovation. This notable upsurge in the IT sector is unequivocally attributed to the concerted and strategic efforts orchestrated by the SIFC.
The initiatives spearheaded by the SIFC have precipitated a favorable investment climate within the IT domain, thereby fostering an environment conducive to growth and development. These initiatives encompass a spectrum of incentives, including the augmentation of dollar reserves by the State Bank of Pakistan (SBP), among other proactive measures aimed at bolstering investor confidence and stimulating economic activity.
Furthermore, buoyed by the current trajectory of growth, the Ministry of Finance has forecasted a robust projection, envisioning IT exports to surge to a staggering $3.5 billion during the fiscal year 2024. This ambitious projection underscores the resilience and potential of Pakistan’s burgeoning IT sector, reaffirming its position as a driving force behind the nation’s economic prosperity and technological advancement.
