ISLAMABAD: In a significant move, the government of Pakistan has set a goal to boost IT exports to 15 billion dollars over the next five years.
The IT sector is a priority for the Special Investment Facilitation Council (SIFC), which has worked diligently to promote it.
To help achieve this target, the State Bank of Pakistan has amended the “Foreign Exchange Manual” to enhance the international presence of IT companies. These amendments include raising the profit carryover limit for IT exporters from 35 percent to 50 percent. Additionally, local IT companies are now permitted to establish multiple entities abroad as part of efforts to expand the IT sector internationally.
Thanks to the efforts of the government and SIFC, the share of IT exports is expected to increase from 4 percent to 8 percent between 2019 and 2024, signaling promising growth for the IT sector. This progress reflects the sector’s active expansion and its crucial role in enhancing the country’s exports.
Facilitated by SIFC, the State Bank’s new regulations will foster a favorable environment for the global expansion and further development of the IT sector.