Government Recognizes Top IT Export Companies with Rs825 Million Cash Prizes

The Caretaker Federal Minister for IT and Telecommunication, Dr. Umar Saif, recently awarded Rs825 million in cash prizes to companies that have played a crucial role in the export of IT and IT-enabled services. The announcement was made during a prize distribution ceremony organized by the Pakistan Software Export Board (PSEB), a department attached to the Ministry of IT and Telecommunication (MoITT), in Lahore.

Dr. Umar Saif emphasized the importance of providing maximum incentives, facilities, and rewards to the IT industry, which holds a pivotal position in the country's economy. These IT companies contribute significantly to the nation's economy by earning substantial foreign exchange through the export of digital talent worldwide. Dr. Saif expressed optimism that with the continued growth of the IT sector, the target of achieving $10 billion in IT exports will be realized soon.

The initiative to reward companies with positive growth in IT exports was taken by the Ministry of IT, which had allocated PKR one billion in the annual budget for this purpose. Dr. Umar Saif highlighted that due to timely decisions of the Special Investment Facilitation Council (SIFC) based on the Ministry's recommendations, the overall IT exports in the country saw a record 32% increase in the last 60 days.

Out of the allocated fund, Rs825 million has been distributed to 550 companies exhibiting positive growth. The cash prizes were categorized, with the top 100 companies receiving Rs2.5 million, the next 100 companies receiving Rs2 million, and so on. The top 10 companies were also awarded trophies for outstanding performance.

Furthermore, Dr. Saif mentioned that the remaining Rs175 million from the fund would be allocated to companies providing employment to trained IT-skilled individuals. An Industry Co-Opt Program, developed in collaboration with HEC and P@SHA, aims to provide apprenticeship opportunities to IT students. The program incentivizes IT & ITeS exporters to participate by placing final-year students in internships, with a payment of Rs50,000 per intern to the participating exporters.

The ceremony highlighted six categories: IT consultancy services, IT products and solutions, call centers, gaming and animation, women entrepreneurs, and fast-growing companies. Notable winners included Systems Limited, i2c Pakistan (Pvt) Ltd, Mindbridge (Pvt) Ltd, Quixel Pakistan (Pvt) Ltd, ABSLabs (Pvt) Ltd, and Ms. Fatima Asad Said, CEO of Abacus Consulting Technology Limited.

Chairman P@SHA, Mohammad Zohaib Khan, praised the initiative, stating that the decision to reward IT companies and freelancers is a significant step that boosts confidence and encouragement within the sector. The IT & ITeS Export Awards 2024 underlined Pakistan's commitment to innovation, economic growth, and establishing itself as a key player in the digital economy.