Pakistan’s Information Technology (IT) and IT-enabled Services (ITeS) export remittances rose by 12% to $1.11 billion during the fiscal year 2020, compared to $995 million in the fiscal year 2019.
Remittances refer to money that is received in return for services or work in foreign countries.
However, the percentage increase in IT export remittances in fiscal year 2020 is less than the previous year’s.
In fiscal year 2019, the IT export remittances grew by 19%. But they increased by only around 12% in FY2020, witnessing a decrease in the growth rate.
Earlier, IT and Telecommunication Secretary Shoaib Ahmad Siddiqui directed the management of Pakistan Software Export Board to prepare a comprehensive marketing plan and strategy to increase the growth of Pakistan’s IT sector.
Software consultancy services contributed the highest 33.9% in the IT export remittances, followed by the export of computer software at 25.8%.