Pakistan Promises Full Facilitation for IT Investments Amid Sector Growth

Pakistan Promises Full Facilitation for IT Investments Amid Sector Growth

Islamabad: Minister of State for Information Technology & Telecommunication, Shaza Fatima Khawaja, has pledged comprehensive support for IT companies looking to invest in Pakistan. Addressing a delegation of Swedish companies in Islamabad, she emphasized the government’s commitment to facilitating investments through the Special Investment Facilitation Council, which is actively promoting investment in various sectors.

Highlighting the government's focus on digitization, the Minister of State announced that the digitization of the Federal Board of Revenue (FBR) has commenced. She further revealed the approval for establishing a national digitization commission, to be chaired by the Prime Minister and include representation from all four provinces.

In the first ten months of the current fiscal year 2023-24, Pakistan's IT sector has earned $2.593 billion from providing various services to international markets, marking a 20.41% increase compared to the $2.135 billion earned in the same period last fiscal year. The Pakistan Bureau of Statistics (PBS) reported that IT exports grew by 24.55%, rising from $1.729 billion in the previous year to $2.153 billion in July-April 2023-24.

Within the computer services segment, software consultancy services exports increased by 10.80%, from $633.107 million to $701.456 million. Exports of hardware consultancy services also saw a significant rise of 19.24%, growing from $4.793 million to $5.715 million.

The Minister underscored the government's prioritization of economic digitization and its efforts to create a conducive environment for IT investments, which are vital for the country’s economic growth and technological advancement.