Positive news for Pakistan’s IT industry! Leading exporter Noman Said reports that the sector is displaying its true potential as a driver of economic growth. IT exports to Saudi Arabia, a key market, have reached a record-breaking $310 million in April 2024.
This figure represents not only the highest monthly total ever achieved, but also a significant year-on-year increase. Said notes a consistent rise in IT exports to Saudi Arabia, with a $100 million annual jump over the past two years. This upward trend suggests that Saudi Arabia is poised to become Pakistan’s leading IT export destination in the near future.
“The IT industry has consistently outperformed other sectors,” said Said, highlighting the industry’s dynamism and export potential. “It boasts a remarkable trade surplus of 77 percent and is a major magnet for foreign direct investment (FDI) from Saudi Arabia.”
Said credits several factors for this success, including the establishment of the Special Investment Facilitation Council (SIFC) with a focus on IT as a key area, and the collaborative efforts of the Pakistan Software Houses Association (P@SHA).
He also points to LEAP 2024, a recent global IT exhibition, as a resounding success for Pakistan. Said, who participated in the event, reports generating leads exceeding $500 million. This strong showing strengthens the partnership between Pakistan and Saudi Arabia in the realm of emerging technologies.
