Islamabad: In a bold initiative aimed at propelling economic growth, the Pakistani government has announced a target to increase information technology (IT) exports to $15 billion within the next five years.
According to Ministry of Information and Broadcasting, the IT sector has been identified as a crucial area for development by the Special Investment Facilitation Council (SIFC). In support of this goal, the State Bank of Pakistan has implemented several key changes to the Foreign Exchange Manual to bolster the international expansion of local IT firms. These amendments include an increase in the profit repatriation limit for IT exporters from 35% to 50%.
Furthermore, the new regulations will allow IT companies to establish more than one overseas entity, facilitating broader international reach and enhancing the sector’s global competitiveness.