Exports of information technology increased
Information technology
ISLAMABAD :
Exports of information technology increased by 10% to $235 million in August 2023 on monthly basis, but this increase was due to increase in working days or decrease in holidays in August compared to July.
Federal Minister for Information Technology Dr. Umar Saif has recently expressed his determination to increase IT exports from 2.62 billion dollars to 10 to 20 billion dollars. had expressed determination to reach 15 billion dollars, however, no substantial increase was seen in IT exports.
The IT sector is also facing many problems due to the economic crisis, the fees charged to IT companies for allotment of spectrum in dollars and high tax rates are major obstacles to growth.
Experts say that there is a dire need for investment to increase IT exports, which can only be achieved by solving the current problems and in the presence of stable policies. 12% while computer services increased by 9%. IT exports last month rose from the 12-month average of $218 million.
According to a report released by Topline Securities, IT exports increased in August due to an increase in working days or a decrease in holidays, with an impressive increase of 21% and 18% in computer services, hardware and software consultancy exports respectively. It has been observed that, on an annual basis, IT exports have recorded a growth of 3%.
These findings are based on the remittances sent by IT companies to Pakistan, many companies are preferring to keep the profits out rather than bring them to Pakistan due to unstable policy and exchange rate. Not included in the report, according to the IT Minister, IT companies are holding out capital of 1 to 2 billion dollars.
During the first two months of the current financial year, IT exports increased by 5% to $449 million. In August, net IT exports increased by 7% month-on-month and 3% year-on-year to $204 million. During the first two months of the fiscal year, net IT exports increased by 4 percent on a year-on-year basis to $394 million.
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