IT sector achieves remarkable growth in five months

February 16, 2024 (MLN): The Ministry of Information Technology and Telecommunications has shared the remarkable achievements made over the past five months in the Information Technology (IT) industry.

Under the caretaker setup, the strategic policy measures implemented by the government have yielded positive results for the IT industry as it has seen a notable growth in IT and ITeS exports.

For IT services firms, special foreign currency accounts have been introduced, and training programs for IT skills are underway for 200,000 university graduates.

Earlier in October 2023, the government increased the allowance for the IT industry to freely use up to 50% of revenue in dollars, whereas previously they were only allowed to retain 35% of dollars.

Moreover, freelancers in Pakistan will benefit from the launch of E-Rozgaar/Co-working centers across the country, supported by interest-free loans and training assistance.

Pakistani freelancers will also be able to receive payments through PayPal, facilitating international transactions.

To revolutionize the telecom industry in Pakistan and create a more favorable environment for capitalism, the government has committed to launching 5G, along with the approval of the country’s first National Space Policy to enable affordable internet services by private-sector companies.

Telecom initiatives introduced by the government during this period include the introduction of a Telecom Tribunal and the implementation of a Telecom Infrastructure Sharing Policy.

To boost startups, the government has launched the Pakistan Startup Fund (PSF), offering co-investment opportunities and an International Startup Exchange Program.

This program is expected to create a staggering Rs50bn of value creation in the startup ecosystem per year, according to Dr. Umar Saif, the Federal Minister of IT & Telecom, and Science & Technology.

These comprehensive initiatives collectively aim to stimulate growth and innovation in the IT industry.

According to the latest central bank data, ICT export remittances in December 2023 surged to an all-time high of $303 million, an astounding increase 22.7% YoY in comparison to $247m in December 2022.

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