IT Exports

Witnessing the booming growth of the IT industry, the federal government set a new target of surpassing $3.5 billion in IT exports by the year 2022. Given that our current rate of growth is averaging out at 39 percent already, critics argue that this target may be too low especially when compared to other countries that are making leaps and bounds in developing their IT sector and services. The progress we are making is commendable but the potential we possess must be harnessed through more ambitious goals that give the sector the push it needs. The government has already provided the IT industry incentives like 100 percent equity ownership, repatriation of capital and dividends as well as income tax credit for exports until June of 2025. These provisions go hand in hand with the policies implemented by the State Bank of Pakistan according to which increased capital inflow is promised to startups especially, considering that they account for a significant chunk of the growth in exports. The success of such initiatives can be seen in the $830 million earned in revenue through IT exports of programming and integration services. In this case, the government must be given full credit for empowering the industry enough for it to contribute to the economy and impact the lives of the people positively. For more advancements to be made, a serious push is needed and setting a target that we, in all likelihood, will achieve given the rate of growth currently is not enough. Competing in a tech-savvy global environment demands for Pakistan to diversify what it has to offer. More global information technology opportunities must be tapped into and local businesses must target international exhibitions to attract international investors. This will allow our people to learn new skills that, in turn, will go into producing a service that will bring us closer to the standard of development that is occurring in states across the world.