Islamabad: Special Investment Facilitation Council (SIFC) efforts have led to a record increase in Information Technology (IT) revenues in Pakistan.
According to reports, in the past month of March, Pakistan’s IT revenues reached a peak of $306 million marking the highest level to date. In the initial nine months of 2024, IT revenues totaled $2.28 billion reflecting an overall 17% increase annually.
The report indicates that at the beginning of the fiscal year 2024, IT revenues stood at $2.28 billion, with an additional $275 million generated during March 2024, constituting a 37% increase.
Sources suggest that the IT and telecommunications sector is one of the key areas within the purview of the Special Investment Facilitation Council (SIFC). The progress in the IT sector owes much to the concerted efforts facilitated by SIFC, which has provided significant incentives to this sector.
Furthermore, in addition to the increase in dollar stability facilitated by the State Bank of Pakistan (SBP), other measures have been included to enhance the investment climate.
It is noteworthy that the Ministry of Finance has projected IT revenues to reach $3.5 billion during the fiscal year 2024.
This significant surge in IT revenues underscores the positive impact of SIFC’s initiatives on Pakistan’s economic landscape particularly in fostering growth and development within the IT sector.
