IT sector on its way to become the largest foreign exchange earner, head of PSEB confident

The managing director of PSEB (Pakistan Software Export Board), Osman Nasir, has expressed confidence that the IT sector could become the largest foreign exchange earner for Pakistan. His views were included as part of the IT Ministry’s announcement for Digital Pakistan Policy Roundtables 2021. “The IT sector has achieved consistent, consecutive year-on-year growth that can be the envy of any industry anywhere globally and is a superstar on its way to possibly becoming the largest foreign exchange earner for Pakistan.”, he said.

The statement further said that the growth of Pakistan’s IT sector is a top priority for the government, so all the possible efforts are being undertaken to sustain and further its growth, including the Digital Pakistan Policy. “Digital Pakistan Policy 2021 roundtable will help us in aligning our efforts towards a prosperous Pakistan.”.

The PSEB boss’s remarks were a reiteration of his views as part of the official IT Industry Overview by PSEB. “Already, the IT industry is among the top five net exporters of the country with the highest net exports in the services industries. Pakistan’s IT industry is exporting products and services to the world’s largest entities in over 120 countries.”, he had additionally said in the review.

Pakistan’s growing IT exports lend much credence to the statement. Pakistan is all set to cross the $2 billion mark with an unprecedented rise in IT exports. IT-related export remittances shot up to a whopping $1.119 billion with a growth rate of 37.81% during the fiscal period spanning Jul 2020-Jan 2021, compared to USD 812 million during the same period last year. With the current rate, Pakistan’s IT exports are expected to reach $10 billion by 2030.

Read More: Pakistan’s digital revolution: IT Ministry to conduct first-ever Digital Pakistan policy roundtables.