MOIT&T urges SBP to make regulations more favourable

MOIT&T, PSEB, P@SHA, and SBP organised a webinar to educate IT industry on the SBP initiatives and schemes for IT and ITeS exporters

ISLAMABAD: The Ministry of Information Technology and Telecommunications (MOIT&T) along with the Pakistan Software Export Board (PSEB), and in conjunction with the Industry Association (P@SHA) and State Bank of Pakistan (SBP), organised a webinar to educate IT industry on the SBP initiatives and schemes for IT and ITeS exporters.

Secretary IT Shoaib Ahmad Siddiqui, during the webinar recommended to the State Bank of Pakistan (SBP) for making financial regulations more favorable to increase IT exports and attract investment in the sector. While talking to media afterwards, he said that the SBP had already granted too many facilities to the IT exporters, but the later lacked knowledge about those steps. He added that the ministry

The SBP-related industry matters were discussed and the webinar also solicited recommendations for a smooth running environment for IT companies with regards to financial transfers.

During the webinar, the secretary said that IT industry’s stellar growth was the result of efforts by Pakistani IT companies to maintain and grow their business despite severe global economic downturn in key markets. It shows that Pakistan’s IT industry is resilient to headwinds, and has a strong IT industry eco system that has come of age.

He also applauded that fiscal year 2019-2020 (July 2019 to June 2020) had been a great year for IT and ITeS export remittances. A record $1.231 billion has been recorded in IT and ITeS export remittances at a growth rate of 23.71 percent as compared to the fiscal year 2018-2019. The MoITT and the PSEB have also been working to get companies to report remittances in correct State Bank of Pakistan codes in order to ensure accuracy for determining Pakistan’s IT exports.

The webinar was attended by a cross section of IT companies. The secretary IT directed the PSEB to hold regular webinars to inform the IT industry on government initiatives, to discuss matters of importance to the IT industry and to solicit industry input.

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