Breaking: Pakistan’s IT Exports to reach $5 billion after recording a staggering growth of 41.43%

The Minister of Information Technology, Syed Amin Ul Haq, announced on Friday that Pakistan’s ICT industry export remittances, including telecom, computer & info services, have risen to US $1.298bn in the current quarter in comparison to US $917.840 million during Jul-Feb of FY 2019-20 after recording a growth of 41.43%. “InshAllah, our target’s to reach US $5bn till 2023”, he said in the statement.

Time and again, experts and IT bigwigs have expressed confidence that Pakistan’s IT sector could become the largest foreign exchange earner for Pakistan. Month after month, Pakistan continues to get close to that goal with an overall growth of more than 43% on a year-over-year (YoY) basis.

IT-related export remittances shot up to a whopping $1.119 billion with a growth rate of 37.81% during July-Jan 2021 compared to USD 812 million during the same period last year. Considering this pace, the exports could reach $2 billion by the end of the year, bringing Pakistan further close to reach a record $5 billion, with a potential to export $10 billion worth of IT services by 2030 as per a long-term prediction.