IT Ministry organizes webinar on SBP related IT industry matters

Islamabad, July 29, 2020 (PPI-OT): Ministry of IT and Telecommunications and Pakistan Software Export Board (PSEB), in conjunction with Industry Association (P@SHA) and State Bank of Pakistan (SBP), organized a webinar to educate IT industry on SBP Initiatives/Schemes for IT/ITeS Exporters, to discuss SBP related industry matters and to solicit recommendations for a smooth running environment for IT companies with regards to financial transfers. Secretary IT Shoaib Ahmad Siddiqui, while addressing the webinar, stated that IT industry’s stellar growth is the result of efforts by Pakistani IT companies to maintain and grow their business despite severe global economic downturn in key markets such as North America.

It shows that Pakistan’s IT industry is resilient to headwinds and has a strong IT Industry eco system that has come of age he also applauded that Fiscal Year 2019-20 (July 2019 to June 2020) has been a great year for IT and ITeS Export remittances. A record US$1.231 billion has been recorded in IT and ITeS export remittances at a growth rate of 23.71% as compared to the FY 2018-19. Another reason for the industry growth is the consistent efforts by Ministry of Information Technology and Telecommunication and Pakistan Software Export Board to get IT companies to remit higher level of earnings to Pakistan.

MoITT and PSEB have also been working to get companies to report remittances in correct State Bank of Pakistan codes in order to ensure accuracy for determining Pakistan’s IT exports. The webinar was attended by a cross section of IT companies. The Secretary IT directed PSEB to hold regular webinars to inform IT industry on government initiatives, to discuss matters of importance to IT industry and to solicit industry input. He stated that regular interaction between public and private sector entities is of exceedingly importance in order to ensure high quality, holistic growth of Pakistan’s IT industry and to enhance its contribution to Pakistan’s foreign exchange earnings.

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