IT exports swell to $332 million in May

Remittances from the export of information and communication technology (ICT) services surged to $332 million in May 2024, reflecting an astounding increase of 40.7% compared to export earnings of $236 million in May 2023.

Overall, in 11 months (July-May) of the current fiscal year, the ICT export remittances swelled to $2.925 billion compared with the income of $2.371 billion reported for the same period of last year. In a statement released on Saturday, Minister of State for IT and Telecommunication Shaza Fatima Khawaja stressed that the government was focusing on the development of information technology sector. She praised the role of Special Investment Facilitation Council (SIFC) and Pakistan Software Export Board (PSEB) in the increase in IT exports.

The state minister said on the directives of Prime Minister Shehbaz Sharif robust steps were underway to ramp up IT exports. In this regard, a hefty increase has been made in the IT sector’s budget for the upcoming financial year, which would be helpful in further increasing the exports. In the budget, the minister added, Rs20 billion had been earmarked for the Digital Infrastructure Information projects.