Pakistan’s Thriving IT and Telecom Sectors

June 21, 2024Zayn0

Pakistan is the world’s most financially appealing location for IT&ITeS outsourcing, according to the Economic Survey 2023–24, which was released last week.

IT&ITeS Outsourcing Hub

Pakistan is the most financially appealing location for IT&ITeS outsourcing globally, per Kearney’s 2023 Global Services Location Index. The level of development in Pakistan’s ICT sector can be determined by looking at the approximately 20,000 IT&ITeS companies that are registered with the SECP. These companies include both export-oriented and domestic businesses.

Pakistan Robust ICT Sector

The ICT sector exported the most during FY 2024 (July–March), totaling $2.283 billion, or 39.31% of all services exported. “Other Business Services” came in second, with US $ 1.205 billion. Freelancers in Pakistan sent $350.15 million in remittances to the economy in foreign currency during FY 2024 (July–March).

Impressive Export Performance 

In FY 2024, PSEB opened the first women’s software technology park at the Women’s University of Bagh AJK. As of March 31, 2024, the National Innovation Centers (NICs) have supported over 1,480 businesses, of which over 710 have graduated successfully, creating over 128,000 employments, obtaining over Rs. 23 billion in total investment, and bringing in over Rs. 16 billion in income together. Through the initiative, more than 2,800 women entrepreneurs have gained empowerment.

Women’s Advancement in Technology 

The Women’s University of Bagh in Azad Jammu and Kashmir is home to the nation’s first women’s software technology park, which was built in FY 2024 by the Pakistan Software Export Board (PSEB). The government is working to encourage women to start their businesses and work in the technology sector, and this campaign is one of their attempts.

Resilient Telecom Sector

The telecom industry has shown resiliency in FY 2024 (July–March), growing its services and bringing in an anticipated Rs. 735 billion in revenue. 194 million mobile and fixed phone subscriptions were in place as of March 2024, making up 80.7 per cent of the nation’s overall teledensity. The telecom industry made a direct contribution of Rs. 213 billion during FY 2024 (July–March).

Driving Digital Transformation 

Digital transformation in industries such as banking, healthcare, education, agriculture, and government services is made possible by information technology and telecom. This leads to increased accessibility, better service delivery, and efficiency improvements, all of which promote economic development.

Zayn

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