IT exports surge by 62.3%
Pakistan has witnessed a remarkable 62.3% increase in IT exports in April this year compared to the same period last year, according to a recent report by the BBC.
The surge in IT exports is attributed to the policy reforms and business-friendly policies introduced by the Special Investment Facilitation Council (SIFC), PTV reported. The stability of the local currency and the decision to allow freelancers to deposit foreign earnings into local bank accounts have been key factors in this growth, the report read. It further stated that the State Bank of Pakistan’s relaxation of the retention limit for IT companies from 35% to 50% has also contributed to the increase. The IT sector is one of the priority sectors of the SIFC, and all stakeholders were taken into confidence to achieve this milestone. Moreover, over 25,000 IT graduates and freelancers have earned foreign exchange by working with international companies, significantly contributing to the surge in IT exports.
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