Exports of the Information and Communication Technology sector are growing significantly and increased by 46 percent between July and August of the current financial year 2021-22.
According to data released by the State Bank of Pakistan, the exports of the ICT industry surged to $420 million in the first two months of the financial year as compared to the $287 million exports’ value recorded in the corresponding period last year.
The exports of the ICT sector stood at $224 million in August 2021 and at $196 million in July 2021.
Its exports made a historical record, surpassing a benchmark of $2 billion in the outgoing financial year for the first time. These exports are the highest in the service sector.
The growth in exports has been observed during the last two years after the outbreak of the pandemic. Alternatively, Pakistan’s ICT companies received handsome orders from export markets after the demand for automation and the use of technology grew rapidly in the developed countries.
Industry stakeholders said that the incumbent government has announced various incentives for the ICT industry to increase its exports of various services. However, the industry was of the view that the implementation of the announced incentives is to be done in true letter and spirit. The stakeholders said that the potential of the ICT industry, which could rise to $250 million and beyond, is yet to be realized.