Pakistan’s IT sector has achieved a significant milestone, with exports soaring to a record $3.2 billion in the fiscal year 2023-24, marking a notable 24.2% increase from the previous year.
This remarkable growth is attributed to the strategic vision of Prime Minister Shabaz Sharif and concerted efforts by the government to bolster IT exports and enhance the business environment.
Shaza Fatima, Minister of State for IT and Telecommunication, emphasized that these initiatives have played a pivotal role in driving the sector’s success. The Information and Communication Technology (ICT) sector now constitutes 41.29% of Pakistan’s total service exports, with substantial contributions from ‘Other Business Services.’
Despite a service trade deficit of $2.3 billion in the fiscal year 2024, Pakistan remains committed to fortifying its IT industry. Key stakeholders are actively collaborating to capitalize on this achievement and further augment the sector’s growth and global competitiveness.