• Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
  • Library
  • Touch Base
Subscribe
CW Pakistan

Computerworld Pakistan

CW Pakistan
  • Legacy
  • Academy
  • Business
  • PayTech
  • Ignite
  • Cellcos
  • Wired
  • CovidTech
  • Library
  • Touch Base
  • Wired

Pakistan’s Information Technology Industry Has The Biggest Trade Surplus in The Country

  • November 22, 2022
  • Sub Editor
Total
0
Shares
0
0
0

Pakistan’s Information Technology industry has the biggest trade surplus in the country.

Faiz Ul Haq, a renowned economist, revealed that information technology is the only industry in Pakistan having a trade surplus of 77 percent – and, it holds the key to more than halving Pakistan’s current account deficit (CAD) from FY23’s projected $10 – 12 billion to $5 billion by FY26.

However, he added, the government withdrew the already announced tax holiday for the IT industry till 2025 and replaced it with a tax credit scheme; which effectively caused a lost opportunity in IT exports of up to $500 million in FY22 alone as per the estimates of the ministry of information technology & telecommunications (MoITT).

It is pertinent to note that IT exports posted an export growth of a whopping 47 percent in FY21 & 24 percent in FY22 – collectively registering an 87 percent growth rate in just two years from $1.4 billion in FY20 to $2.62 billion in FY22.

Faiz Ul Haq maintained that the government should extend a special export finance scheme (EFS) to IT companies; offering a discount of 600-700 basis points (bps) vis-à-vis policy rate; i.e. 8-9 percent EFS rate for IT exporters. This will enable IT companies to not only achieve the FY23 export target of $3.5 billion; but, in the long run, will enable exponential growth in IT exports for the period of FY24-FY30. This exponential growth would mean earning up to $15 billion per year in IT exports by FY30.

He highlighted that the gaming industry alone in Pakistan can earn $400 million per year; if the government decides to incentivize the IT companies & freelancers; and, liberate the earnings of the industry from the excessive regulation of SBP & FBR. They should be allowed to remit back, retain overseas or reinvest their earnings as per the complexities and expediencies of exponential business growth in their IT businesses; albeit through the use of formal banking channels.

This freeing up of their earned capital should be to the tune of at least 50 percent, he added.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Sub Editor

Previous Article
  • Cellcos

Amid Economic Crisis, Telcos Push to Delay 5G Launch in Pakistan

  • November 22, 2022
  • Sub Editor
View Post
Next Article
  • Wired

The Top 8 Soft Skills for Pakistan’s Remote Tech Talent

  • November 23, 2022
  • Sub Editor
View Post
You May Also Like
View Post
  • Wired

The Health Bank wants to invest more in Pakistan despite being lucrative in all markets.

  • Sub Editor
  • January 27, 2023
View Post
  • Business
  • Wired

Flat-lining ICT exports

  • Sub Editor
  • January 26, 2023
View Post
  • Business
  • Wired

All You Need to Know About Pakistan’s Influencer Industry – Walee Pak Influencer Industry Insights Report 2021-22

  • Sub Editor
  • January 24, 2023
View Post
  • Wired

Govt to probe ‘foreign intervention’ behind back-to-back power system failure: Khurram Dastgir

  • Sub Editor
  • January 24, 2023
View Post
  • Cellcos
  • Wired

Massive Power Breakdown: You May Soon Lose Signals on Your Mobile

  • Sub Editor
  • January 23, 2023
View Post
  • Wired

Despite ambitious goals, IT exports shrink 2%

  • Sub Editor
  • January 21, 2023
View Post
  • Business
  • Wired

The fastest growing jobs in Pakistan right now

  • Sub Editor
  • January 20, 2023
View Post
  • Technology
  • Wired

IT Minister Inaugurated the ‘AI Based Career Counseling Portal’

  • Sub Editor
  • January 20, 2023
View Post
  • Wired

Mega Coding Competition, sponsored by S&P Global, ends at LUMS

  • Sub Editor
  • January 16, 2023
View Post
  • Wired

Jazz and Huawei successfully test a 1.2 Tbps transport network.

  • Sub Editor
  • January 16, 2023
View Post
  • Wired

In order to help local farmers, Syngenta Pakistan has launched the CENTRIGO farming ecosystem.

  • Sub Editor
  • January 16, 2023
View Post
  • Wired

Launch of Free TV Channels on YouTube

  • Sub Editor
  • January 16, 2023
View Post
  • Wired

Microsoft AI Powered To Clone Voice By 3-Second Audio

  • Sub Editor
  • January 16, 2023
View Post
  • Business
  • Wired

SBP makes it easier for IT exporters to increase their income

  • Sub Editor
  • January 15, 2023
View Post
  • Wired

Energy Industry To Enter Age Of Manufacturing Clean Energy Technology

  • Sub Editor
  • January 15, 2023
View Post
  • Wired

Karachi is the launch city for Pakistan’s first electric bus service.

  • Sub Editor
  • January 14, 2023
View Post
  • Wired

Are you ready to profit from your YouTube videos? Pakistanis can examine their eligibility here.

  • Sub Editor
  • January 13, 2023
View Post
  • Wired

GM, Ford, and Google Collaborate For Virtual Power Plant

  • Sub Editor
  • January 11, 2023
View Post
  • Cellcos
  • Wired

After a multi-million rupee mobile phone IMEI corruption scandal, FBR will take action.

  • Sub Editor
  • January 9, 2023
View Post
  • Wired

The Sarsabz Pakistan Mobile App Attests To Increase Agri-Sector Growth

  • Sub Editor
  • December 23, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about
About
Launched in 1967 internationally, Computerworld Magazine is the oldest tech magazine/media property brand in the world. Today Computerworld (abbreviated as CW) is an ongoing decades old professional publication which in 2014 "went digital”. In Pakistan Computerworld was launched in 1995. Initially providing news to IT executives only, once CIO Pakistan from the same family launched, and took over the domain, CW Pakistan has slowly emerged as a holistic technology news platform reporting everything tech in the country. It remains the oldest running continuous IT media publishing platform in the country and approaching 3 decades of existence, it has been the industry’s biggest benchmark and hopes to continue for years to come.
Read more
Explore Computerworld Sites Globally
  • ComputerWorld.es
  • computerworld.com.pt
  • Computerworld.com
  • cw.no
  • computerworldmexico.com.mx
  • computerwoche.de
  • computersweden.idg.se
  • computerworld.hu
  • cwi.it
  • project.nikkeibp.co.jp
Content from other IDG brands
  • PCWorld
  • Macworld
  • Infoworld
  • TechHive
  • GameStar
  • Network world
CW Pakistan
  • CWPK
  • CXO
  • WALLET
  • Demo
CW Media & all its sub brands are copyrighted to SPIN-IDG Wakhan Media Inc., the publishing arm of NCC-RP Group. Site is designed by Crunch Collective ©️ 2022

Input your search keywords and press Enter.