Pakistan’s ICT Export Remittances Hit Record $3.223 Billion in FY 2023-24

Islamabad: The Information and Communication Technology (ICT) sector in Pakistan has reported a significant rise in export remittances, reaching a record US$ 3.223 billion for the fiscal year 2023-24, marking a substantial increase from the previous year.

According to Press Information Department, the ICT services export remittances soared to US$ 298 million in June 2024 alone, which is a 32.44% increase from US$ 225 million in June 2023. Minister of State for IT and Telecommunication, Shaza Fatima, attributed this growth to the government’s targeted efforts to enhance the IT sector, inspired by Prime Minister Shabaz Sharif’s vision and policies. She highlighted ongoing initiatives aimed at facilitating business operations and attracting investments, with significant support from the Special Investment Facilitation Council (SIFC), Ministry of IT, Pakistan Software Export Board, and other stakeholders in the IT industry. The ICT sector’s contribution stood at 41.29% of the total services export, making it the largest contributor, with ‘Other Business Services’ following at US$ 1.550 billion.

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