IT sector to become third largest exporter for Pak

[SoulSpokesman]

IT sector set to become third largest exporter | The Express Tribune

Insiders project export earnings reaching $3 billion in FY2023-24

tribune.com.pk

KARACHI: Pakistan’s software and IT sector is on the verge of becoming the country’s third-largest export sector, with industry insiders projecting export earnings to reach a substantial $3 billion in the fiscal year 2023-24. This impressive growth underscores the pivotal role of technology in driving the nation's economic development.

Speaking at the 12th Edition of the Bank of Future Forum (BOFF) 2023, Asif Peer, Managing Director, and CEO of Systems Limited, highlighted the remarkable progress of Pakistan’s IT exports, emphasising that they are poised to reach $3 billion in the current year. He also noted that Saudi Arabia and the UAE represent substantial markets for Pakistan’s IT products.

This surge in IT exports positions the sector as the third-largest export earner for Pakistan, trailing only textiles and rice.

Peer emphasised the profound impact of artificial intelligence (AI) on various sectors, particularly in the realm of security measures. He stated, “Today, we are witnessing the emergence of industry Cloud platforms worldwide, while Pakistan is on the move towards a digital banking revolution. It is imperative for businesses and financial institutions to embrace this transformation and harness the power of artificial intelligence and innovative technology.”

Habib Bank Limited, CEO and President, Muhammad Aurangzeb stressed the importance of digital inclusion in delivering faster, cost-effective, and improved services. He acknowledged that the pace of digitalisation adoption in Pakistan has been relatively slow but emphasised that now is the time to accelerate technological advancements.

Aurangzeb also commended the State Bank of Pakistan (SBP)’s RAAST initiative, viewing it as a significant step toward achieving financial inclusion through digitalisation.

Deputy CEO of Meezan Bank, Arif Ul Islam, highlighted the transformative role of innovation and technology in advancing the banking industry, benefiting both banked and unbanked populations. These advancements have contributed significantly to strengthening the financial inclusion drive.

Regards

@RiazHaq @ThunderCat @Meengla @FuturePAF

 

[Meengla]

I don't know Pakistan's IT numbers but just yesterday was talking with some family members and I heard a cousin's son, working in IT in Karachi, is making so good money that the son is able to sponsor some to Umra. His is not the only success story in IT that I know of.
I also watched a few documentaries in last few days which showed how, in a focused and dedicated effort, Sindh's Mangrove Forests have been largely recovered--a major achievement for Pakistan!!
There is much that ails but much that still works in Pakistan.
But then PDF Pakistanis are in breast-beating mode because their favorite lost the power!

 

[SaadH]

BS, IT professionals are jumping this fast sinking faujeet run ship. Massive brain drain under way.

 

[SoulSpokesman]

@Meengla sb,

There is no reason why it should be otherwise. I dont see why Pak cannot at least achieve 10% of India's IT revenues- this would mean incremental exports of about USD 15-20 billion, which would more or less cover much of Pak's CAD.

Regards

 

[Ali_Baba]

I don't know Pakistan's IT numbers but just yesterday was talking with some family members and I heard a cousin's son, working in IT in Karachi, is making so good money that the son is able to sponsor some to Umra. His is not the only success story in IT that I know of.
I also watched a few documentaries in last few days which showed how, in a focused and dedicated effort, Sindh's Mangrove Forests have been largely recovered--a major achievement for Pakistan!!
There is much that ails but much that still works in Pakistan.
But then PDF Pakistanis are in breast-beating mode because their favorite lost the power!

Unlkely when you have dumb dumbs turn off the internet when their feelings get hurt about what people say about them...

 

[hussain0216]

Unlkely when you have dumb dumbs turn off the internet when their feelings get hurt about what people say about them...

Imagine being a Pakistani company trying to explain to foreign paying customers why they can't complete a order because our dip shit government turned off the internet for the hundredth time because they want to get a fat retard like nawaz or homo like billo Rani in power

 

[TheDarkKnight]

I don't know Pakistan's IT numbers but just yesterday was talking with some family members and I heard a cousin's son, working in IT in Karachi, is making so good money that the son is able to sponsor some to Umra. His is not the only success story in IT that I know of.
I also watched a few documentaries in last few days which showed how, in a focused and dedicated effort, Sindh's Mangrove Forests have been largely recovered--a major achievement for Pakistan!!
There is much that ails but much that still works in Pakistan.
But then PDF Pakistanis are in breast-beating mode because their favorite lost the power!

Numbers speak the story loud and clear. GDP growth, exports, inflation, rupee devaluation all have crippled Pakistani public - except few who are protected and subsidized by tax payers.
Everyone has a favorite, for you may be Bilawal or Maryam - as per constitution elections need to decide who stays in power. In the mean time enjoy interviews of kidnapped people forced to read statements on live TV … yuck!

 

[nahtanbob]

@Meengla sb,

There is no reason why it should be otherwise. I dont see why Pak cannot at least achieve 10% of India's IT revenues- this would mean incremental exports of about USD 15-20 billion, which would more or less cover much of Pak's CAD.

Regards

India hits $200 billion because of sheer diversity of services - chip design to software development to maintenance to qa testing and sheer diversity of companies - Indian WITcH to foreign multinationals (Microsoft, IBM, HP, Dell, Alcatel, Ericsson) to startups

Unless Pakistan wins large contracts it is not hitting $20 billion in a very long time. Of course no terrorist attacks and no kissing up to china