Pakistan’s Information Technology (IT) sector is undergoing a remarkable transformation, thanks to the initiatives of the Special Investment Facilitation Council (SIFC).
The sector’s IT exports reached $2.6 billion in the last fiscal year, and forecasts suggest they will climb to $3.5 billion in the current year. The government aims to significantly boost IT-based exports to $15 billion within the next five years.
To facilitate this growth, the government has earmarked over Rs79 billion for the IT sector in the current fiscal year. This substantial investment includes Rs19 billion allocated for the development of IT parks in Karachi and Islamabad, and Rs22 billion dedicated to the Pakistan Software Export Board. These investments are intended to enhance the sector’s infrastructure and export capabilities.
The Chairman of the Pakistan IT Industry Association has emphasized the need for substantial improvements in IT infrastructure and the development of a highly skilled workforce. He stressed that enhancing digital infrastructure and internet connectivity is crucial for aligning the IT sector with contemporary industrial standards. This will enable Pakistan to fully exploit the opportunities within the digital economy.
The support from the SIFC has been instrumental in driving rapid growth in the IT sector. This growth has given rise to numerous startups that are making significant strides on the global stage. The ongoing efforts to bolster the sector’s infrastructure and capabilities are expected to further accelerate its expansion and contribute to the achievement of the government’s ambitious export targets.
