Pakistan’s IT Exports to Saudi Arabia Hit $310m

News Desk3 weeks ago

Through investment-friendly policy efforts, the Special Investment Facilitation Council (SIFC) has been instrumental in enhancing the growth of the IT sector during the past year.

With an annual growth in IT exports to Saudi Arabia of $100 million over the last two years, the IT sector is poised to overtake all other export markets for Pakistan.

Furthermore, as per data made public by the State Bank of Pakistan (SBP), export receipts have climbed by 1 percent from the previous month and IT exports have increased by 62 percent year-over-year.

From July to April of the current fiscal year, exports from the IT sector reached a record high of $2.59 billion, representing a 21 percent year-over-year increase over the same period previous year.

Prime Minister (PM) Shehbaz Sharif earlier gave the relevant authorities the go-ahead to prioritize taking concrete measures to boost Pakistan’s exports of IT.

While presiding over a review meeting of the Ministry of Telecommunications and Information Technology (IT), the prime minister gave the directions.

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He stated that Pakistan has a lot of untapped potential in the information technology sector and that the tech sector can help the government stabilize the economy.

The contribution made by Pakistani business owners to the growth and advancement of the IT industry was acknowledged by PM Shehbaz.

The Prime Minister directed to take appropriate measures to improve the quality of 4G services in the country.

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