Islamabad, December 25, 2023 : Dr. Umar Saif, the Caretaker Federal Minister for Information Technology and Telecommunication, stated that the prompt decisions of the Special Investment Facilitation Council (SIFC) are producing significant outcomes, propelling Pakistan’s IT exports towards the $10 billion mark.
In a video message, the minister announced, “Last month, in collaboration with the SIFC and the State Bank, we implemented a substantial policy change. It permits IT companies to retain 50% of their export revenue in dollars in a Pakistan-based account, enabling them to freely cover their international expenses from this amount without any restrictions.”
The minister highlighted that due to the government’s initiative, IT companies are repatriating their dollars, leading to a 14% surge in export revenue in November—an impressive 20% growth compared to the previous year, as reported by the state news agency.
Dr. Saif expressed optimism, foreseeing the country surpassing $3 billion in IT exports within a few months. He affirmed, “Our trajectory towards achieving $10 billion in IT export revenue is progressive.” The positive outcomes are anticipated to draw increased foreign investments, generating a ripple effect that will benefit the entire technology ecosystem, he added.
