Pakistan’s IT exports smash $2 billion mark for the first time in the country’s history

The country aims to achieve $5 billion worth of IT exports by 2023.

Pakistani IT Exports Cross $1 Billion Taking Clients From Indian CompaniesPakistan’s exports of information technology (IT) went up by 47.4% in the outgoing fiscal year.

The country’s IT exports have also crossed the $2 billion mark for the first time in its history.

Pakistan IT exports cross $1.5bn for the first time - The Current

This was revealed in the data issued by the Ministry of Commerce on Monday.

According to the details, Pakistan’s IT exports reached $2.12 billion in 2020-21 (FY21) against $1.44 billion in the previous year (FY20).

The Advisor to the Prime Minister on Commerce, Industries and Production & Investment, Abdul Razak Dawood, congratulated Pakistani IT exporters for this historic achievement in a statement on Monday.

Dawood expressed that he had always believed in the abilities of the South Asian country’s IT professionals and entrepreneurs.

The Advisor also motivated the IT specialists to achieve more by encouraging them to export them.

Dawood added that the authorities had offered several incentives in taxes and procedures in the budget 2021-22 to encourage more IT exports in the FY22.

Meanwhile, the Government of Pakistan has set a target to achieve IT exports worth approximately $5 billion by the year 2023.

It is pertinent to note that the IT sector is crucial in strengthening the national economy and creating more job opportunities in the South Asian country.

Other IT-related exports

Pakistan’s exports of computer services swelled by 49.91% in the first eleven months of the outgoing fiscal year (11MFY21) compared to the same period of 11MFY20.

According to the data disclosed by the Pakistan Bureau of Statistics (PBS), the country’s computer services exports were recorded at $1494.405 million in 11MFY21 compared to $996.880 million in 11MFY20.

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