ISLAMABAD: Pakistan’s IT exports hit $286 million in the first month of the current fiscal year which started July 1, state-run Radio Pakistan reported, with IT sector exports likely to exceed $3.5 billion this year.
Pakistan recorded $298 million in IT exports in June, up 33 percent from the year before. During the fiscal year that ended in June, IT exports were worth $3.2 billion, up 24 percent from $2.5 billion in the fiscal year 2023.
The government has said Pakistani IT exports were expected to rise after authorities allowed a retention limit from 35 percent to 50 percent in the Exporters’ Specialized Foreign Currency Accounts.
“The IT sector accounted for 46 percent of the total exports in the first month of the financial year,” Radio Pakistan reported, saying the increase in IT exports was due to an increase in the special foreign currency account limit for exporters and the stabilization of the Pakistani rupee.
“Exports of the IT sector are likely to exceed 3.5 billion dollars during this fiscal year,” Radio Pakistan added.
Government optimism about the prospects of the IT sector come as associations and businesses have expressed alarm over slowing Internet speeds this month as the federal government moves to implement a nationwide firewall to block malicious content, protect government networks from attacks, and allow the government to identify IP addresses associated with what it calls “anti-state propaganda.”
IT Minister Shaza Khawaja has repeatedly said the government did not plan to use firewalls as a form of censorship.
Last week, the Pakistan Business Council (PBC) warned that frequent Internet disruptions and low speeds caused by poor implementation of the firewall had led many multinational companies to consider relocating their offices out of Pakistan, with some having “already done so.” Separately, the Pakistan Software Houses Association (P@SHA) said in a press release last Thursday Pakistan’s economy could lose up to $300 million due to Internet disruptions caused by the imposition of the firewall.
Amid ‘slow’ Internet controversy, Pakistan says IT exports to exceed $3.5 billion this year
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Amid ‘slow’ Internet controversy, Pakistan says IT exports to exceed $3.5 billion this year
- Pakistan Business Council says Internet disruptions, low speeds leading MNCs to consider relocating out of Pakistan
- Pakistan Software Houses Association says economy could lose up to $300 million due to Internet disruptions caused firewall
Pakistan PM invites UAE investment across tech and resource sectors at National Day event
- Shehbaz Sharif says the UAE remains a key economic partner and continues to lend ‘critical support’ to Pakistan
- UAE envoy says both nations have potential for cooperation in renewable energy, AI and economic diversification
ISLAMABAD: Pakistan is ready to welcome investment from the United Arab Emirates across emerging technologies and resource sectors, Prime Minister Shehbaz Sharif said on Monday, as both countries marked the 54th National Day of the Gulf country in Islamabad.
Speaking at the ceremony attended by senior ministers, diplomats and business leaders, Sharif said the UAE remained a key economic partner for Pakistan and continued to lend “critical support” to the country’s stabilizing economy.
“Pakistan takes great pride in its strategic partnership with the UAE, which continues to deepen across every domain of life,” he said. “With Pakistan’s economy stabilizing, we stand ready to welcome Emirati investment in renewable energy, AI, fintech, agriculture and minerals.”
Sharif praised the UAE’s leadership and recalled his earliest memories of the Gulf nation as “a land that believed in possibilities long before they became realities,” saying the country’s progress under President Sheikh Mohamed bin Zayed Al Nahyan commanded “profound admiration.”
UAE Ambassador Salem Al Bawab Al Zaabi said the Emirates was committed to strengthening ties with Pakistan in areas including the economy, energy and artificial intelligence.
He said the two countries shared a “deep-rooted friendship built on mutual respect, shared values and a common vision for regional peace and development.”
“We see tremendous potential for collaboration in renewable energy, artificial intelligence, sustainability and economic diversification,” the ambassador said, adding that the UAE aimed to broaden the scope of its economic relations with Pakistan.
The UAE hosts around 1.8 million Pakistani expatriates, one of the country’s largest overseas communities, who Sharif said contributed “tirelessly” to the Gulf state’s development.
Sharif and Deputy Prime Minister Ishaq Dar also joined the UAE ambassador in a cake-cutting ceremony to mark the occasion.
