IT export proceeds hit $635m in 1QFY22

ISLAMABAD: Pakistan’s exports of information technology grew by 42 per cent on a year-on-year basis in the first quarter of current fiscal year.

In absolute terms, the export proceeds of Pakistan’s IT & IT-enabled service reached $635 million from July to September this year against last year’s $445m.

“I congratulate all the stakeholders for their efforts and dedication,” Adviser on Commerce Razak Dawood said in a statement issued on Monday.

He further said that by seeing how IT sector is growing, “I am optimistic that we will cross the IT exports target for FY of 2021-22m,” he further said.

Pakistan’s exports of information technology grew by 47.4 per cent to cross the $2 billion mark for the first time in the country’s history in the FY21.

The government has offered several incentives in taxes and procedures in the budget 2021-22 to encourage IT exports, he said.