Information Technology & IT enabled Services export remittances comprising of computer services and call center services have surged to US $648.940 million at a growth rate of 38.16% during July-November of FY 2020-21, in comparison to US $469.713 million during July-November of FY 2019-20. According to a press statement here Friday, this is the highest growth rate for the FY 2020-21 (July-November), achieved by Pakistan’s IT sector since 2018 when growth rate for the corresponding period was just 13%. Minister for IT & Telecommunication Amin ul Haque lauded the latest exports performance of Pakistan’s IT Industry. He that that the initiative for bringing the IT companies from secondary and tertiary cities into the mainstream is well underway for ensuring holistic growth of Pakistan’s IT Industry and that the PSEB registration fee for IT & ITeS companies, including call centers and IT startups, belonging to underserved areas of the country have been completely waived in order 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. It’s worth mentioning here that Minister for IT Amin ul Haque has set a target of $5 billion for export remittances through information technology and IT-enabled Services during the next three years. The PSEB performance in just 5 Month of current Fiscal year a great milestone to reach the targeted destination. “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 include zero income tax on IT and ITeS exports till June 2025, tax breaks for the 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 is especially laudable keeping in view the current global economic challenges thereby demonstrating the resilience of Pakistan’s IT industry eco system and is a tribute to Pakistan’s IT industry professionals. Pakistan’s IT sector exports products and services to over 100 countries and counts world’s largest entities among its regular clients. Pakistan’s IT sector is the largest net services export industry in Pakistan’s economy. Managing Director, Pakistan Software Export Board, Mr. Osman Nasir said that all possible efforts are being made to achieve US$5 billion remittances inflow from the country’s IT sector by Year2023 as per target set by Minister IT Amin Ul Haque. PSEB is working major new initiatives in Marketing, Infrastructure, Capital Availability, Policy and Consulting, HR and Business Development. Efforts are underway to extend maximum facilitation to the startups in all important spheres including access to funding channels. He said that PSEB is being restructured as a front leading global business development and marketing organization, which would help in the development of the IT industry and human capital behind the borders, and generates demand from beyond the borders. Garment sector: Pakistan Readymade Garments Manufacturers & Exporters Association on Friday said that a huge number of export orders are being received by the value-added garment industry, however, exporters are unable to finalize them due to unavailability of fabric, especially the denim fabric in the country. PRGMEA (NZ) vice chairman Adeeb Iqbal urged the government to also abolish duties on the import of fabrics as well as the denim fabric in line with the import relaxation provided on import of cotton yarn, as value-added garment sector is facing severe shortage of basic raw material of fabrics, which may lead to a drastic decline in value-added textile export. He said that it was the right decision to remove Regulatory Duty on import of cotton yarn, which will accelerate the country’s textile exports but unfortunately the garment, which is the major sector of textile chains, has been neglected, as the reduction in yarn import duty will not benefit it. It is unfortunate that the government’s cotton policy has reduced the country’s cotton production target from 14 million bales to 9 million bales. Due to the shortage of cotton yarn textile exports were fallen in previous months. He said that the cotton crisis in Pakistan was the biggest threat to the value-added textile sector than corona. The government resolved the issue timely by abolishing import duty on yarn to avoid the closure of the textile industry and a loss of jobs of millions of workers, he said. “The government should now take the notice of shortage of fabrics, as foreign buyers were demanding shipments from them in 45 days while mills were giving them denim fabric in three months. In such a situation how they can fulfill orders,” he asked.