The IT and IT-enabled Services (ITeS) export remittances, encompassing computer and call center services, saw a notable increase of approximately 6% in the first five months (July-November) of the current fiscal year 2023-24. The remittances totaled $1.152 billion, compared to $1.088 billion in the same period last fiscal year, according to official data.
Breaking down the numbers, ITeS export remittances experienced a month-on-month (MoM) growth of about 9% in November 2023, reaching $259 million compared to $238 million in October 2023. On a year-on-year (YoY) basis, the sector witnessed an 11% increase compared to $233 million in November 2022.
In contrast, Information and Communication Technology (ICT) export remittances, covering telecommunication, computer, and information services, reported a negative growth rate of around 1% in the fiscal year 2022-23. The remittances stood at $2.597 billion, slightly lower than the $2.619 billion recorded in the fiscal year 2021-22.
Caretaker Federal Minister for Information Technology and Telecommunications, Dr. Umar Saif, recently introduced the first-ever IT and ITeS export strategy. The strategy aims to boost Pakistan’s IT exports to $10 billion in the next three years, with the potential to increase exports to $12-15 billion.
Dr. Saif outlined key elements of the strategy, including increasing the skilled IT workforce by 200,000 people, implementing a dollar retention facility for IT companies, and establishing The Pakistan Startup Fund. These initiatives are expected to propel IT exports to meet the ambitious $10 billion target.
