IT, ITeS export remittances surge 20.75pc to $1.11bn in 11 months

ISLAMABAD: Pakistan’s Information Technology (IT) and IT enabled Services (ITeS) export remittances comprising computer services and call center services surged to $1.11 billion over the first 11 months of FY20 growing by 20.75 per cent compared to $917.875 million during the same period in FY19.

According to a performance report of Pakistan Software Export Board (PSEB), an organisation under the Ministry of IT and Telecommunication, IT Industry has achieved positive year on year growth as a result of strong government support, skilled entrepreneurs and a talented workforce.

The Ministry of IT and Telecommunication is 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. 

Over the years, incentives from the government and various projects to enhance capacity and capability of the IT Industry have resulted in strong industry growth rates. Incentives to the industry include zero income tax on IT and ITeS exports till June 2025, tax breaks for PSEB registered IT start-ups for three years, up to 100 per cent foreign ownership of IT and ITeS companies, up to 100 per cent repatriation of profits for foreign IT and ITeS investors and tax holiday for venture capital funds till 2024.

“PSEB has highly trained and experienced assets in the form of commercial counselors in important cities around the world who can contribute significantly in projecting Pakistan’s IT and ITeS sector around the globe,” said Federal Secretary IT and Telecommunication Shoaib Ahmad Siddiqui.

He directed PSEB to engage and utilise the services of Pakistan’s commercial counselors to enhance Pakistan’s IT and ITeS exports and for facilitating Pakistan’s IT companies in the overseas markets.

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