IT, ITeS export remittance surges to US$648.713m in 5 months: Minister
ISLAMABAD: Minister for IT & Telecommunication Syed Amin Ul Haque on Friday said export remittances of Information Technology and IT enabled Services (ITeS) comprising computer services and call center services have surged to US $ 648.940 million at a growth rate of 38.16percent during July-November of FY 2020-21.
Last year US $ 469.713 million were collected during the same period last year, said in a press release issued here on Friday.
The Minister lauded the latest exports performance of Pakistan’s IT Industry. He said that the initiative of bringing IT companies from secondary and tertiary cities into the mainstream was well underway for ensuring holistic growth of Pakistan’s IT Industry.
The PSEB registration fee for IT & ITeS companies including call centers and IT startups, belonging to under-served areas of the country have been completely waived to boost growth of IT industry in the under developed parts of the country and thus contribute to organic growth of IT Industry across Pakistan.
“We are taking all possible steps to ensure sustainable growth of Pakistan's IT industry and to ensure close coordination with the IT industry and associated stakeholders,” Minister IT stated.
Incentives to the industry included zero income tax on IT and ITeS exports till June 2025, tax breaks for the Pakistan Software Export Board (PSEB)-registered IT start-ups for three years, up to 100 percent foreign ownership of IT and ITeS companies, up to 100 percent repatriation of profits for foreign IT and ITeS investors, tax holiday for venture capital funds till 2024, among other incentives, he added.
This growth was especially laudable keeping in view the current global economic challenges thereby demonstrating the resilience of Pakistan’s IT industry on eco system which was a tribute to Pakistan’s IT industry professionals, he stated.
Pakistan’s IT sector was exporting products and services to over 100 countries and counts world’s largest entities among its regular clients. Pakistan’s IT sector was the largest net services export industry in Pakistan’s economy.
Managing Director, Pakistan Software Export Board, Osman Nasir said all possible efforts were being made to achieve US $ five billion remittances inflow from the country’s IT sector by Year 2023 as per target set by Minister IT Syed Amin Ul Haque.
PSEB was working on major new initiatives in Marketing, Infrastructure, Capital Availability, Policy and Consulting, HR and Business Development.
Efforts were underway to extend maximum facilitation to the startups in all important spheres including access to funding channels.
He informed that PSEB was being restructured as a front leading global business development and marketing organization, which would help development of the IT industry and human capital behind the borders, and generated demand from beyond the borders. - APP