ISLAMABAD: Pakistan saw a 62.3 percent rise in IT exports this April compared to the same month last year.
As reported by the BBC, this surge in the IT sector is attributed to the business-friendly policies and policy reforms implemented by the Special Investment Facilitation Council (SIFC). The record increase is primarily due to two factors: the stability of the local currency and the permission granted to freelancers to deposit foreign earnings into local bank accounts. Additionally, the State Bank of Pakistan has relaxed the retention limit for IT companies, increasing it from 35% to 50%.
The IT sector is a priority for SIFC, which has engaged all stakeholders to promote its growth. Another significant contributor to this increase is the large number of IT graduates and freelancers—over 25,000 annually—who have generated income from foreign companies, thereby boosting foreign exchange. Recognizing the importance of innovation for sectoral improvement, SIFC has placed special emphasis on advancing the IT sector.