IT exports grew 47 per cent crossing $2bn mark in FY21

The information technology exports in Pakistan have crossed the $2 billion mark by growing 47.4 per cent in the outgoing fiscal year, and for the first time in country’s history.

As per the data released by Commerce Ministry, the IT exports reached $2.12 billion in 2020-21 as compared to $1.44bn in the preceding year.

“I want to congratulate our IT exporters for crossing the $2bn export mark for the first time in our history,” Commerce Adviser, Razak Dawood said in a statement on Monday.

Praising the IT professionals and entrepreneurs for this achievement, the adviser said that he believed in their abilities. “You have done a remarkable job and I encourage you to market your exports even further to achieve more”, Razak Dawood added.

He further said that the government has offered various tax incentives and procedures in the budget 2021-22 to encourage IT exports.

The State Bank of Pakistan had last month also reported the increase in IT exports of Pakistan. The data released by the central bank had revealed that IT exports surged 47 per cent to $1.9 billion during 11 months of the current fiscal year of 2020/21.

Meanwhile, in May the numbers rose 59 per cent year-on-year to $200 million, as compared to $126 million exports number recorded in the same month of last year.

The central bank attributed the growth in the country’s technology product and services exports to covid-19 induced surge in freelancing activities.