KARACHI – The Pakistani IT industry, through the export of software consultancy services, fetched over $1 billion during the period of July to May in the financial year (2024-25), which is the highest in its history. Last year, exports of software consultancy services grew to $793 million during the period of July to May of the financial year 2023-24, which are less than $218 million on year-on-year basis, according to the State Bank of Pakistan (SBP).
Convenor FPCCI’s Committee on IT and Chairman Viper Group Khushnood Aftab said that investment in human capital and IT infrastructure is indispensable to provide innovative services to foreign clients. He added that Pakistani companies should focus on joint ventures with foreign and local companies to provide service to high-end clients in different markets. During the period of July- May of the last financial year, Pakistan exports of IT and IT-enabled services surged to $3.47 billion as compared to $2.92 billion reported in the corresponding period of the last year. The country also generated foreign exchange of $298 million from call centers and $498 million from the telecommunication sector, in addition to other revenue streams such as hardware and other services.
Mehwish Salman Ali, Member PASHA’s Committee on AI, said that IT companies should work on emerging technologies, including cybersecurity, AI technologies, machine learning, gaming to earn high-ticket orders and enhance IT exports of the country. She believes that non-traditional markets, particularly GCC countries, should be explored on a priority in addition to strong market of USA and Europe to grow exports of software consultancy at an accelerated pace. The government has set an ambitious target of $10 billion in IT exports by fiscal year 2029 under the ‘Uraan Pakistan’ – the national economic plan, implying a compound annual growth rate (CAGR) of 28% until then.