IT and ITeS export remittances, which include computer services and call centre services, increased by 3% in the first five months of the current fiscal year 2022–23.
IT and IT-enabled Services (ITeS) export remittances, which include computer services and call centre services, increased by 3% in the first five months of the current fiscal year 2022–23, remaining at $1.087 billion compared to $1.051 billion in the same period of the previous fiscal year.
ICT export remittances, which include telecommunications, computer and information services, reached an all-time high of $ 2.618 billion in fiscal year 2021-22, a 47.43 percent increase from $ 2.108 billion in fiscal year 2020-21.
According to official data from the State Bank of Pakistan, sector exports remittances increased by 5% year on year (YoY) and remained at $233 million in November, compared to $221 million in November 2021. On a month-to-month basis, the sector’s export remittances increased by 5% to $221 million in October 2022.
The Federal Minister of Information Technology and Telecommunications has stated that the $ 5 billion IT export target will be met by June 2023. He went on to say that the government is doing everything possible to ensure a long-term growth trajectory for the IT industry and to increase IT industry exports to $5 billion by 2023.
However, the Ministry of Information Technology and Telecommunications has warned the government that if agreed-upon incentives are not implemented, policies are inconsistent, and tax and banking issues are not resolved, the telecom sector’s exports and remittances may suffer, compromising its digital vision.
ITeS exports fell by 0.3% in the first quarter of the current fiscal year 2022–23, remaining at $633 million, compared to $635 million in the same period of the previous fiscal year. The decline in ITeS export remittances raised the alarm, and serious reservations were expressed by concerned parties.
In various meetings, including one with the prime minister in the chair, the minister has raised the sector’s issues. He stated that if immediate attention is not paid to the sector, it will continue to decline. The minister has also emphasized the importance of resolving outstanding tax and banking issues.
Originally published at Business Recorder