IT sector set to become third largest exporter

Insiders project export earnings reaching $3 billion in FY2023-24

KARACHI:

Pakistan’s software and IT sector is on the verge of becoming the country’s third-largest export sector, with industry insiders projecting export earnings to reach a substantial $3 billion in the fiscal year 2023-24. This impressive growth underscores the pivotal role of technology in driving the nation's economic development.

Speaking at the 12th Edition of the Bank of Future Forum (BOFF) 2023, Asif Peer, Managing Director, and CEO of Systems Limited, highlighted the remarkable progress of Pakistan’s IT exports, emphasising that they are poised to reach $3 billion in the current year. He also noted that Saudi Arabia and the UAE represent substantial markets for Pakistan’s IT products.

This surge in IT exports positions the sector as the third-largest export earner for Pakistan, trailing only textiles and rice.

Peer emphasised the profound impact of artificial intelligence (AI) on various sectors, particularly in the realm of security measures. He stated, “Today, we are witnessing the emergence of industry Cloud platforms worldwide, while Pakistan is on the move towards a digital banking revolution. It is imperative for businesses and financial institutions to embrace this transformation and harness the power of artificial intelligence and innovative technology.”

Habib Bank Limited, CEO and President, Muhammad Aurangzeb stressed the importance of digital inclusion in delivering faster, cost-effective, and improved services. He acknowledged that the pace of digitalisation adoption in Pakistan has been relatively slow but emphasised that now is the time to accelerate technological advancements.

Read Pakistani fintech eyes UAE market

Aurangzeb also commended the State Bank of Pakistan (SBP)’s RAAST initiative, viewing it as a significant step toward achieving financial inclusion through digitalisation.

Deputy CEO of Meezan Bank, Arif Ul Islam, highlighted the transformative role of innovation and technology in advancing the banking industry, benefiting both banked and unbanked populations. These advancements have contributed significantly to strengthening the financial inclusion drive.

Published in The Express Tribune, October 6^th, 2023.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.