Islamabad, Pakistan has taken a significant step towards boosting its Information Technology (IT) exports with the launch of the nation’s first IT and IT-enabled Services (ITeS) Export Strategy. The strategy, unveiled by Caretaker Federal Minister for IT Dr. Umar Saif, aims to escalate Pakistan’s IT exports to $10 billion within the next three years. The announcement was made at a ceremony in Islamabad on Thursday.
According to Ministry of Information Technology and Telecommunication, the Pakistan Software Export Board (PSEB), in collaboration with PricewaterhouseCoopers (PwC) and other international partners, including faculty from the University of Oxford, developed this strategy. Dr. Umar Saif highlighted the critical role of Information and Communications Technology (ICT) in stabilizing and strengthening Pakistan’s economy. He emphasized that the Special Investment Facilitation Council (SIFC) would play a vital role in enabling the sector and removing departmental bottlenecks, thereby paving the way for Foreign Direct Investment in Pakistan.
The strategy outlines various measures to increase ICT exports, including adding 200,000 skilled individuals to the existing IT workforce, allowing IT companies to retain earnings in dollars, and establishing The Pakistan Startup Fund. These initiatives are expected to incrementally raise IT exports, contributing to the overall target of $10 billion. Dr. Saif also emphasized the importance of human resource development, capacity building, freelancers’ facilitation program, startup funding initiative, and nurturing a resilient IT ecosystem.
Dr. Saif mentioned that the report projects the potential for Pakistan to grow its IT/ITeS Export revenues to $10-$18 billion by 2028, positioning Pakistan as a global IT hub. The report identifies five priority IT/ITeS market segments and 12 priority sub-segments with high global market growth rates and significant market sizes. He also noted the importance of enhancing the activity, capacity, and capability of the IT/ITeS Industry for the broader benefit of associated industries and the economy.
Zohaib Khan, Chairman of P@SHA, stressed the crucial role of the IT industry in shaping Pakistan’s economic landscape, emphasizing industry participation and collaboration in national projects and initiatives. Gerard Newman, Study Project Director and former senior partner of PwC UK, highlighted significant opportunities in the IT/ITeS export revenues, identifying key market segments and the necessity of an enabling business environment.
The event also featured a panel discussion with industry experts, focusing on the strategy’s challenges and the way forward. The discussions reflected a unanimous agreement on strategies to remove current constraints and penalties inhibiting the industry’s growth.
This strategic initiative underscores Pakistan’s commitment to elevating its IT/ITeS export revenues and achieving substantial growth of over $10 billion annually in the coming years, marking a critical step towards harnessing the full potential of Pakistan’s IT and ITeS industry.