The government has set a target to increase IT exports to $15 billion over the next five years. This initiative is part of the government's and Special Investment Facilitation Council's (SIFC) priority sectors for economic growth.
To achieve this goal, the State Bank of Pakistan has amended its "Foreign Exchange Manual" to enhance the international presence of IT companies. Key changes include:
1. Increasing the profit repatriation limit for IT exporters from 35% to 50%.
2. Allowing local IT companies to establish multiple entities abroad.
These revisions aim to create a favorable environment for the IT sector's global expansion and further development.
The IT sector has already shown significant progress, with its export share growing from 4% to 8% during 2019-2024. This growth reflects the active expansion of the IT sector and its important role in boosting the country's exports.
The SIFC's facilitation and the State Bank's updated regulations are expected to provide a conducive environment for the IT sector's global expansion and continued growth.
