Over 10.5% of Pakistan’s general export worth in FY2023–24 got here from ICT export remittances, underscoring the increasing significance of the IT and IT-enabled Providers (ITeS) business.
In a written assertion, State Minister for Info Expertise Shaza Fatima Khawaja advised the Senate that ICT export remittances hit a document excessive of $3.223 billion, accounting for 41.3% of Pakistan’s general service exports. Moreover, the business produced a $2.827 billion commerce surplus, which accounted for 87.71% of all ICT remittances. This represents a 22.31% improve over the $2.297 billion surplus from the prior 12 months. For a similar interval, the bigger providers sector had a $2.313 billion commerce deficit.
Over the previous 5 years, the IT and ITeS business has stored up a compound annual progress charge (CAGR) of over 22%, making it the fastest-growing part in Pakistan’s providers sector.
The minister additional expressed that ICT exports surged by 24.15% in FY24, with export settlements rising by $627 million in comparison with $2.596 billion up to now 12 months. Whereas Pakistan’s add-up to exports developed by 10.5%, ICT exports far outpaced this, recording a progress charge of over 24%.
This drive has carried into FY25, with ICT export settlements rising 28% within the first half (July-December) to $1.86 billion, in comparison with $1.45 billion in the identical interval final 12 months. In December 2024 alone, ICT providers remittances got here to $348 million, checking a 14.8% year-on-year increment and a 12.2% month-on-month rise from $310 million in November 2024.
By means of fashionable infrastructure, workforce development, and worldwide market enlargement, the federal government is devoted to sustaining this rising trajectory. To additional solidify Pakistan’s ICT sector on the worldwide scene, the Ministry of IT & Telecom (MoITT) has began a number of strategic measures, reminiscent of aggressive international advertising, ability growth applications, and collaborations with multinational tech corporations.