Pakistan witnessed 41% growth in IT exports last year

ISLAMABAD: Pakistan has witnessed 41% growth in Information Technology (IT) exports during the last fiscal year with annual revenue of this vital industry surpassing $2.5 billion a year.


With exponential growth in IT exports over the years, it is expected to exceed $5 billion before 2020.


According to Pakistan Software Export Board (PSEB) on Monday, Pakistan is in up-work’s top 5 countries in terms of freelance earnings, which is the world’s largest portal for freelancing IT work.


The PSEB has been established by the Ministry of Information Technology (MolT) to facilitate local and foreign investors and customers and it is now facilitating over 2,000 IT companies including software houses and call centres.


The PSEB has also ensured certification to more than 150 IT companies in IT quality standards such as ISO-9001, ISO-27001 and Carnegie Mellon’s CMMI.


Enumerating the incentives, an official in PSEB said investment in Pakistan ensures up to 70% savings on annual operational expenses as compared to costs in North America and Europe.


Moreover, there also exists one of the most attractive incentive programmes for IT investment with zero taxes on IT exports at present, he added.


The other benefits include 100% repatriation of profits allowed to foreign IT investors, up to 100% equity allowed for foreign investors and seven-year tax holiday for venture capital funds, the official said, adding that Pakistan has also 15 IT parks with IT-enabled infrastructure, while three new state-of-the-art IT parks are planned.


The official said the Pakistani IT companies have many (Fortune 500) companies in North America, Europe, Asia, Africa and Australia as their clients while Pakistani IT companies have won 25 gold and silver awards at different international events including Asia Pacific ICT Awards (APICTA)


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