Pakistan’s IT Exports Surge by 62.3% in April

Islamabad, Pakistan has recorded a significant 62.3% increase in IT exports in April compared to the same month last year, driven by recent governmental policy reforms and business-friendly initiatives.

According to Ministry of Information and Broadcasting, a report from the BBC attributes the surge in IT exports to several factors including stability in the local currency and new policies by the Special Investment Facilitation Council (SIFC) that are conducive to business growth. These include allowing IT freelancers to deposit foreign earnings into local bank accounts and the State Bank of Pakistan’s decision to relax the retention limit for IT companies from 35% to 50%.

Additionally, the substantial contributions from over twenty-five thousand IT graduates and freelancers working for foreign companies have significantly boosted foreign exchange earnings, underlining the strategic importance of the IT sector for Pakistan’s economic growth.