Pakistan’s IT Industry Sees Remarkable Growth, Contributing Significantly to Foreign Exchange

Pakistan’s Information Technology (IT) industry has become a key player in earning foreign exchange through its services exports, with local experts now considered among the top providers globally. Over the past five years, the IT sector has achieved an impressive 22% compound annual growth rate (CAGR), the highest among all local industries.

The government has not only praised the sector’s growth but has also made significant investments to further promote it. The Ministry of IT, in collaboration with the Pakistan Software Export Board, has established 43 Software Technology Parks across the country, hosting 350 companies and employing over 18,000 IT professionals.

These parks, spread across cities like Islamabad, Lahore, Karachi, Gilgit, Faisalabad, Swat, and Quetta, generate more than $10 million in foreign exchange annually. Major technology parks are currently under construction in larger cities, such as Islamabad, where an $80 million park will be completed by the end of this year. This will provide jobs for over 7,000 IT experts, with an expected increase of $7 million in IT exports.

Additionally, a massive technology park in Karachi, set to be completed by 2027 at a cost of $180 million, will employ more than 13,000 IT professionals, contributing an estimated $9 million in exports.

Looking ahead, 250 new job centers will be established across Pakistan over the next three years, providing opportunities for 25,000 IT experts and freelancers, with a projected $2 million increase in exports. The first 50 centers are expected to become operational this year.

According to the Ministry of IT and Telecommunications, IT exports have increased by 33.64% compared to the previous fiscal year. In July 2023, IT exports were valued at $214 million, but in the first month of the current fiscal year, exports reached $286 million.

This remarkable growth of Pakistan’s IT industry not only benefits the economy but also solidifies the country’s position on the global IT map, with Pakistani IT professionals gaining increasing recognition for their expertise.