According to Pakistan’s first-ever IT export strategy research, the country may increase its IT/ITeS export earnings to $15 billion annually in the next five to six years.
As per the assessment, Pakistan has the potential to become a worldwide IT hub by increasing its yearly export income from $12 billion to $18 billion during the next five to six years.
The Pakistan Software Export Board (PSEB) worked with PricewaterhouseCoopers (PwC) and other foreign partners, including University of Oxford professors, to create the IT export strategy report.
According to the report, Pakistan has 1 million independent contractors, 316,000 IT workers, 226,000 students enrolled in IT programs at universities, and 12,000 IT companies that have the potential to become an IT hub within the next five to six years.
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This export goal can be met by concentrating on the top five IT/ITeS market categories and the twelve sub-segments that fall inside them. These segments have the following characteristics: substantial global market size, rapid growth, and an absence of well-established competitors.
The USA, UAE, UK, Singapore, Canada, and Norway are the countries to which Pakistan exports IT. 2020–21, IT exports to the United States totaled $1,066 million. In 2020–21, the United Arab Emirates received $126 million in IT exports, the United Kingdom received $104 million, Singapore received $51 million, Canada received $39 million, and Norway received $36 million.
According to the survey, Pakistan’s IT industry is expanding quickly and ranked first out of 12 service sectors in exports in 2021/22. Seventy-five percent of the sales in the IT industry come from the Software Development and IT Services categories.
The report lists Software Development, ITES, ITSS, E-Services, and Smart Tech as the top five IT market segments. AI, Blockchain, ERP/CRM Integrations and Revenue Implementation, Cloud computing, LPO AR, VR & MR, E-Healthcare, Digital Twin, Cyber security BPO, E-learning, and E-Education are the 15 critical subsegments that the plan has highlighted.
If the country’s macroenvironment is not improved, the growth of the export market will be less than ideal. The research recommended large-scale actions to help the nation’s IT exports. It includes subsidized loans for establishing PVT equity funds and BPOs and credit availability based on client contracts and receivables.
Another suggested macro intervention is the free movement of foreign currency earned by freelancers and IT companies. Tax laws and harmonization are needed to encourage foreign and domestic companies to participate in Pakistan’s IT sector and increase ownership and funding for the IT/ITeS sector, especially from foreign sources—enhancements to the policy, regulation, and legal framework.
The report makes strategic recommendations for boosting IT exports, such as upgrading the quantity and quality of the industry-required supporting infrastructure, such as dependable high-speed internet connectivity, cloud services, and technology parks, and providing technical and managerial training for up to a million people to support the goals for IT/ITeS revenue.
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