February 1, 2022: Pakistan's IT sector is poised to grow exponentially in the coming months and years with Pakistan's IT exports growing from $2.1 billion to an approximate $3.5bn this fiscal year, Mr Barkan Saeed, former President PASHA while presenting an overview of the ITC industry during a webinar organised by the Consulate General of Pakistan Toronto, said a press release issued on Tuesday.
The IT industry in Pakistan is burgeoning and the government is taking the right steps for its further growth, including enhancing the number of IT graduates from 25,000 to 50,000, setting up software technology parks in large to 2nd tier cities, improving access to capital by IT companies, reducing tax disputes, enhancing the financial structure of IT companies and listing them at the stock exchange, he added.
Mr Barkan also highlighted the initiatives being taken, such as Special Technology Zones (STZs), where companies would have an exemption from local and international taxes and import duties on import of equipment, the cash reward scheme for companies which would be linked to growth, boot technology camps for university students, and incentives for industry leaders to teach in universities.
In his opening remarks Mr Abdul Hameed, Consul General of Pakistan, Toronto, stated that it is widely believed that Pakistan has the potential to claim a much higher share of the market than it currently enjoys. He also shared the statistics about the size and growth trajectory of the ICT sector of Canada and highlighted the key sectors within the ICT sector which witnessed high growth and the top ICT players in Canada.
Technology parks are being set up in the megacities, in addition to establishing software technology parks in second/third-tier cities, Mr Osman Nasir, MD PSEB informed.
He further mentioned that steps are being taken for increasing access to capital by IT companies, reducing tax disputes, enhanced understanding of the financial structure of IT companies and their listing at stock exchanges, through relevant stakeholders.