Pakistan's IT sector has achieved a significant milestone, marking its potential as a transformative force in the nation's economy. With the synergy between the Special Investment Facilitation Council (SIFC) and the IT industry, the country's exports have reached unprecedented levels.
Topline Securities, a leading brokerage house, reports that Pakistani IT companies are expanding their footprint in the Gulf Cooperation Council (GCC) region, particularly in Saudi Arabia. These firms have leveraged the SIFC platform to capitalize on an improved working environment, resulting in remarkable export growth.
In April alone, Pakistan's IT exports to Saudi Arabia soared to $310 million, the highest ever recorded in a single month. This surge is part of a broader trend, with annual IT exports to Saudi Arabia increasing by $100 million over the past two years.
Data from the State Bank of Pakistan (SBP) highlights a robust 62 percent year-on-year growth in IT exports, with export receipts rising by 1 percent compared to the previous month. From July to April of the current financial year, IT sector exports hit a record $2.59 billion, reflecting a 21 percent year-on-year growth.
SIFC has been instrumental in this growth, implementing investment-friendly policies that have bolstered the confidence of IT companies and freelancers. These initiatives have fostered a supportive ecosystem, enabling the IT sector to thrive.
