Pakistan’s IT Exports Reach Record $3 Billion

Pakistan’s IT exports have surged to an all-time high of $3 billion, marking a significant milestone for the country’s growing tech sector. The State Bank of Pakistan has introduced a new dollar transfer policy aimed at facilitating IT exporters. Under the new policy, exporters can now convert 50% of their earnings from dollars to rupees, providing greater flexibility compared to the previous 65% exchange restriction.

Key Factors Behind the Growth

According to the Ministry of Information Technology, several factors contributed to this impressive growth in IT exports:

• Stability in Rupee Value: The stabilization of the Pakistani rupee encouraged exporters to bring more capital into the country rather than keeping it in foreign accounts.
• Tax Exemptions: Tax exemptions for the IT sector also played a crucial role in boosting exports.
• Expanding Market: The growing presence of Pakistani companies in the Middle East, Saudi Arabia, North Africa, and Afghanistan further contributed to the rise in exports.

This development is a testament to the increasing competitiveness of Pakistan’s IT sector on the global stage.