Pakistan’s Information Technology (IT) sector exports increased by more than $ 60 million in FY 20-2019.
In the first half of this financial year, Pakistan’s IT exports recorded an increase of 21.2 percent, with a total increase of 21 percent.
According to a report by the State Bank of Pakistan, exports of IT and IT services between July 2019 and December 2019 were $ 653 million this fiscal. In the same period last year, Pakistan’s eye exports were $ 536 million.
According to the State Bank’s report, Pakistan’s IT industry has exported more than $ 100 million every month this year, which is a record as many IT exporting countries, including Pakistan’s economy, are experiencing a slowdown.
According to the report, a major reason for the increase in IT industry exports is to focus on profitable sectors, including software consulting, rather than service exports.
According to the report, the emerging sectors of IT exports include mobile app development, artificial intelligence and payment solutions, etc., under which local companies are able to obtain projects from overseas customers.
According to the State Bank report, Pakistan’s ICT sector is one of three sectors with the potential to increase exports.
The report says that Pakistan’s IT sector has seen tremendous growth over the past decade, which was not as high as in 2000.
The State Bank’s report states that Pakistan’s IT companies should increase their share of the global market by expanding their outsourced business.