IT Exports Likely to reach $25 billion in Five Years

IT Exports are Likely to reach $25 billion in Five Years, according to Mr.Veqar ul Islam CEO Jaffer Business Systems (Pvt) Ltd while addressing a press briefing couple of days back.

Jaffer Business Systems (Pvt) Ltd is one of the two oldest companies operating in Pakistan., Mr Islam was of the view that IT-related exports will surpass the current size of overall exports within a span of years if the Government maintains its focus on this sector too which has great potential to generate much needed massive amount of revenues for Pakistan.

Mr.Islam who is also  a member of the Prime Minister’s task force on IT praised the recent steps the Government has taken to promote the technology sector.

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Refer to SBP ERD/M&PRD/PR/01/2022-26 on Digital Payments Continue Its Rapid Growth-First Quarter of FY 2022, The State Bank of Pakistan released its first quarterly report of payment systems for the fiscal year 2021–22 today for the period July – September 2021. The report shows that Pakistan’s payment ecosystem, especially through …

Here it is pertinent to mention that IT and IT-enabled exports touched the figure of $1 billion mark in 2018 due to Government favorable policies and initiatives, the figures further reached to $2.5 billion during 2021 according to stats.

The Government is eyeing to increase foreign earnings of the IT sector to around $30 billion in the next five years.

 

 

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