IT sector exports could reach $15b in five to ten years, seminar told

Lahore Chamber of Commerce and Industry (LCCI) President Faheemur Rehman Saigol has stressed the need to increase exports and promote import substitution simultaneously to reduce the trade deficit and strengthen the economy, according to a statement on Thursday.

Speaking at a seminar on "Export Opportunities for Pakistan" organised by the LCCI, Saigol said Pakistan possesses immense potential, a resilient workforce and abundant opportunities for industrial growth. He emphasised that sustainable progress requires policy continuity, enhanced productivity and a strong focus on export-led growth.

He said remittances have crossed $40 billion but long-term stability can only be achieved through higher exports and reduced reliance on imports.

Panelists at the seminar highlighted specific sectors with export potential. Awais Kamal of Sapphire Textile Mills said the textile sector, contributing 60% of exports, must focus on innovation and alignment with international market requirements.

Vice Chairman P@SHA Raheel Iqbal said IT exports have reached approximately $3.8 billion, growing at 20% annually, and could reach $10 to $15 billion within five to ten years if supportive policies remain in place.

Amata Gondal of Reem Rice Mills discussed opportunities and challenges facing Pakistan's rice export sector, stressing the need for value addition and market diversification.

Saigol urged policymakers and the private sector to work together for industrial expansion, export diversification and import substitution. He said LCCI would continue advocating policies to improve the business environment and enhance export competitiveness.