Dr. Noman Said lauds SIFC for record IT exports

The Information Technology (IT) sector in Pakistan has achieved a significant milestone with a record-breaking export remittance of $306 million in March 2024. This marks the highest monthly export receipt in the history of IT exports in the country. The State Bank of Pakistan reported that this surge in exports surpasses the previous record of $303 million set in December 2023.

The remarkable growth in IT exports can be attributed to the concerted efforts of the Special Investment Facilitation Council (SIFC), in partnership with the Ministry of IT and Telecommunication and the Pakistan Software Export Board (PSEB). These collaborative initiatives have created a conducive business environment, fostering increased international trade and boosting export values.

Dr. Noman Said, a prominent IT exporter, highlighted the pivotal role of SIFC in strengthening business relations at the state level, particularly with countries in the Middle East region. He emphasized that the proactive measures taken by the government and the support provided to local IT exporters have significantly enhanced confidence within the industry.

In March 2024, ICT services export remittances witnessed a remarkable surge to $306 million, reflecting a substantial 36% increase compared to $225 million in March 2023. Furthermore, the month-on-month comparison with February 2024 revealed a notable growth of $49 million (19.1%) in export remittances for ICT services.

This unprecedented growth in IT exports not only signifies the sector's resilience but also underscores its potential to contribute significantly to Pakistan's economy. The continuous support and strategic interventions by the government and industry stakeholders are expected to further propel the IT sector towards sustained growth and global competitiveness.