P@SHA hails surge in IT exports

KARACHI: Muhammad Zohaib Khan, chairman of Pakistan Software Houses Association (P@SHA), on Tuesday apprised that informational technology exports of the country have performed exceedingly well in March 2024 as they clock at $306 million; whereas they clocked at $257 million in February 2024.

"As per the latest trade statistics, this is a healthy, encouraging and robust 19 percent month-on-month growth," Khan said in a statement.

He maintained that the IT industry and private sector are working under challenging circumstances, and the Special Investment Facilitation Council (SIFC) and Ministry of IT & Telecom (MoITT) have proven to be catalytic in the recently concluded ITCN Asia in Lahore to attract FDI to the industry.

"Investment is like the lifeblood of a fast-expanding industry; and, to top it all, we have received investment pledges mainly in emerging technologies."Deciphering the trade data further, Khan informed that year-on-year growth shows a 36 percent increase as in March 2023, IT exports stood at $225 million. Crossing $300 million in a single month makes the IT industry second to only textiles in Pakistan. It is pertinent to note that IT exports for March 2024 are also the highest exports of the industry in a single month in the country's history.

P@SHA chief reiterated that the IT industry will fully support the initiatives of MoITT in achieving the export target of $3.5 billion for the outgoing fiscal year. "We should aim for $5 billion for the forthcoming fiscal yearof FY25. All we need is policy continuity coupled with new initiatives vis-a-vis skills development and branding of the IT sector on a global scale for the country's soft image."

Khan said that MoITT, Ministry of Finance and FBR should give due consideration and incorporation to their budgetary proposals for the fiscal year 2024-25; which they have already submitted to the concerned forums.