Technology
Pakistan's IT exports are expected to hit $5 billion after a stunning 41.43 percent increase.
Syed Amin Ul Haq, Pakistan's Minister of Information Technology, announced on Friday that the country's ICT industry export remittances, which include telecom, electronic, and information services, increased by 41.43 percent to US $1.298 billion in the current quarter, compared to US $917.840 million in July-February of FY 2019-20. “Inshallah, our aim is to hit $5 billion by 2023,” he said in a tweet.
Experts and IT tycoons have repeatedly stated that Pakistan's IT sector has the potential to become the country's largest foreign exchange earner. Pakistan continues to inch closer to that target month after month, with a year-over-year (YoY) growth rate of more than 43%.
IT-related export remittances increased by 37.81 percent to $1.119 billion in July-January 2021, compared to USD 812 million in the same timeframe the previous year. With this rate, exports could hit $2 billion by the end of the year, moving Pakistan closer to a new high of $5 billion, with the potential to export $10 billion in IT services by 2030, according to a long-term forecast.
