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Govt vows to take Pakistan’s IT exports to $5 billion in 3 years

The current year has seen an unprecedented increase in IT exports despite the covid-19 pandemic denting the economy
by TR Pakistan

The news: The Information Technology sector in Pakistan is a fast-growing export industry. According to Syed Aminul Haque, the Federal Minister for Information Technology and Telecommunication, Pakistan’s IT ministry is aiming for $5 billion worth of IT exports by the year 2023.

IT economy: The Pakistan Software Export Board (PSEB), a department of the Ministry of IT and Telecommunication, organized a ceremony for the IT Export Awards 2019. The federal minister, IT and Telecommunication Secretary Shoaib Ahmad Siddique, and PSEB management were in attendance at the occasion. The federal minister addressed the ceremony, saying that information technology and telecommunications can play an essential role in the advancement and expansion of the country’s economy. He said that the government is intent on working with the information and communications technology sector to ensure the formulation and implementation of policies and projects which can foster the growth of technology, as well as its adoption and export.

Export sector: The federal minister emphasized that the export sector in the technology industry is growing rapidly and earning valuable foreign exchange for Pakistan. He believes that encouraging and training young professionals on the latest technologies is the need of the hour. This will not only make them a productive part of the economy but also increase their competence for high paying jobs. The growth of the IT industry can bring about positive changes in the future of our country, like using the latest technology solutions to improve the nation’s productivity and quality of life.

Rapid growth: Haque stated that the fiscal year 2019-20 has brought about constructive and beneficial changes for the IT sector. The IT & ITeS export remittances, which were recorded at $1.231 billion, have been growing at a rate of 23.71% as compared to the previous fiscal year. He also said that the government is ready to provide support to the industry in order to reach the target of $5 billion in IT export remittance in the next three years. During the current year, IT exports have seen an unprecedented increase despite the covid-19 pandemic. The federal minister praised the PSEB, Pakistan Software Houses Association, and the IT industry for achieving this milestone.

IT parks: The minister announced that the government will work to resolve all the issues being faced by the IT industry. Multiple IT Parks are already being built in various cities to aid the development of the industry. The Islamabad IT park is already underway and its groundbreaking will be done at the end of this year. The IT Park in Gilgit will be inaugurated soon and the development of another IT Park in Karachi has also been initiated. He said that the IT industry can become one of the largest industries in the country, and help Pakistan become one of the leading countries in the software and outsourcing services market.