Pakistan’s IT sector continued its upward trajectory, reaching another milestone with record-breaking exports of $310 million in April 2024—an all-time high monthly inflow.
Previously, export receipts for the IT sector were $306 million in March 2024 and $303 million in December 2023.
Experts attributed this growth to consistent policy measures, with the Ministry of IT and Telecommunications (MoIT) and the Special Investment Facilitation Council (SIFC) facilitating and incentivizing IT exporters.
According to data from the State Bank of Pakistan, exports of IT and IT-enabled services soared to record highs throughout the financial year, surpassing $2.593 billion from July to April 2023–24, compared to previous export inflows of $2.135 billion. This represents a $458 million increase, or 21% year-on-year.
Renowned IT exporter Dr. Noman Said commented that the growth of IT exports reflects the confidence of IT exporters in government policies favorable to sector development and expansion. Recent collective efforts by the Ministry of IT, the Pakistan Software Export Board (PSEB), and IT industry associations, especially in the Gulf region, have contributed to increasing IT exports.
Pakistan’s IT companies are maintaining growth in both traditional and non-traditional markets, including the US, EU, and Gulf countries, which may lead to consistent growth of IT exports in the coming months, Dr. Said added. He also emphasized the importance of IT companies trusting government policies to pursue high-margin projects, including joint ventures with local or foreign partners.
Tufail Ahmed Khan, president and CEO of the Pakistan Freelancers Association (PAFLA), highlighted the growing contributions of freelancers and remote workers to overall IT and IT-enabled services exports. He emphasized the crucial role of commercial banks and banking regulatory bodies in facilitating freelancers to bring IT remittances into the country through proper banking channels.
Various training and scholarship programs offered by institutions, including tech giant Google, are expected to enable thousands of Pakistanis to become valuable members of the IT sector and economy. Skilled IT workers could not only secure jobs at IT companies but also earn substantial income by working on various projects on different freelancing platforms.
With two months remaining in the financial year, exports of IT and IT-enabled services are projected to surpass $3 billion in the current fiscal year 2023–24.
