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IT, ITeS export remittances up 14 per cent in August – Trade & Finance IV News

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ISLAMABAD: IT and IT-enabled services (ITES) export remittances, which include computer services and call center services, grew by 14 per cent on a month-on-month (MOM) basis in August 2022 as compared to $199 million in the previous year. $227 million in July 2022, says the State Bank of Pakistan (SBP).

On a year-on-year (YoY) basis, the region’s export remittances grew by 1.3 per cent as compared to $224 million in August 2021.

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ICT export remittances, including telecommunications, computer and information services, reached an all-time high of $2.616 billion, a growth rate of 47.43 percent in fiscal year 2021-22, compared to $2.108 billion in fiscal year 2020-21.

Federal Minister of Information Technology and Telecommunications Syed Aminul Haque has said that the IT export target of $5 billion will be achieved by June 2023. He further said that the government is taking all possible steps to ensure and enhance a sustainable IT industry growth trajectory. IT industry exports $5 billion by 2023.

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A ministry spokesperson said over 6,000 Pakistan-based IT companies are providing IT products and services to entities in over 100 countries. The spokesperson said that strong incentives are being provided to the IT industry, and several projects are in place to aid and assist the IT industry in its growth path and ensure sustained growth in local and export earnings.

Copyright Business Recorder, 2022

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