On Thursday, Dr. Umar Saif, the Caretaker Minister for Information Technology and Telecommunications, introduced Pakistan’s inaugural IT Export Strategy. The aim is to elevate the country’s IT exports to $10 billion within the next three years.
Addressing the launch event as the chief guest, he mentioned that the Pakistan Software Export Board (PSEB), operating under the Ministry of IT and Telecommunication (MoITT), collaborated with PricewaterhouseCoopers (PwC) and other international partners, including faculty from the University of Oxford, to develop the strategy in close alignment with the government’s vision.
The minister emphasized that Information and Communications Technology (ICT) was the sole key that could unlock opportunities to stabilize and strengthen the country’s economy.
The minister noted the substantial role played by the Special Investment Facilitation Council (SIFC) in facilitating the sector and eliminating departmental obstacles. He expressed optimism that the SIFC platform would draw increased Foreign Direct Investment to Pakistan.
Dr. Umar Saif outlined the strategy for boosting ICT exports, stating that with current IT exports at $2.6 billion according to official figures, the government’s plan involves incorporating an additional 200,000 skilled individuals into the existing IT workforce, aiming to elevate exports to $5 billion.
Likewise, the authorization for IT companies to retain dollars (Dollar Retention Facility) is anticipated to boost exports by one billion dollars. Additionally, the creation of The Pakistan Startup Fund is expected to contribute another $1 billion, further aiding in achieving the targeted $10 billion in total IT exports.
Dr. Umar emphasized the strategy’s potential, emphasizing a vision that places a premium on human resource development, capacity building, the enactment of a freelancers’ facilitation program, the initiation of a startup funding endeavor, and the cultivation of a robust IT ecosystem.
Discussing the key highlights of the report, he highlighted that it affirmed a substantial opportunity for Pakistan to elevate its IT/ITeS export revenues to a range of $10-$18 billion by 2028. This growth projection aims to position Pakistan as a global IT hub, accompanied by a proportional increase in the domestic industry to exceed $6 billion annually.
He emphasized that this potential is particularly pronounced in five priority IT/ITeS market segments, with a focus on 12 priority sub-segments identified as possessing a combination of high global market growth rate, significant market size, and ample global market share available for exploitation, given the limited number of established players.
Moreover, the heightened activity, capacity, and capability of the IT/ITeS industry are anticipated to yield positive effects for associated sectors and the broader economy. This includes areas such as e-Commerce, Financial Services, and the delivery of public services (e-Government).
