KARACHI: Jumping 29 per cent to $251 million in December, IT exports jumped 36 per cent to $1.3 billion in the first half of this fiscal, mostly riding a huge stream of investment in Pakistan's technology sector, on Saturday. data shown.
Technology exports were $667 million in the second quarter. Pakistan's total IT exports stood at $1.44 billion in FY20, which increased to $2.1 billion in FY21.
According to Alpha Beta Core CEO Khurram Shahzad, this growth will gain more momentum down the line.
"Increased investment in the startup ecosystem is helping Pakistan develop technology infrastructure, which will lead to an increase in IT exports," Shehzad said.
However, the recent increase in foreign investment in Pakistan, especially in tech-based startups, is not reflected in IT exports.
But Shehzad says it is helping to develop technology infrastructure and increase job opportunities in tech-based companies, which will ultimately help boost IT exports further.
“I see IT exports hitting a record high of $3 billion from $2.8 billion in FY22,” said an IT sector analyst.
"But it depends on whether the government is ready to give impetus to this sector or not."
He added that the government also needs to set up a technology sector to help the sector develop further.
He said that around 15,000 IT companies are being set up and new employees are being hired, with the expansion of the technology sector, IT exports will subsequently increase.
Wajid Rizvi, head of strategy and economy at JS Global, expects IT exports to grow to $2.6 billion by the end of FY22.
"The market-based exchange rate and rupee depreciation have also increased the export potential of the technology sector as companies/individuals associated with this sector receive their payments mostly in dollars," Rizvi said.
He said that Pakistan is a net exporter of IT services and the sector has great potential for growth, which is evident from the increasing trend of software and other IT exports.