According to the minister of state for Information and Technology “We are effortlessly following our agenda to accelerate digitization and committed to taking IT exports to $10 billion which dynamic and vibrant policy measures by 2020.”
IT Exports Past Figures
As far as IT exports are concerned Pakistan had $2.2 billion in IT exports during 2014-15, due to effective policy measures during the last four years Pakistan was able to push even further. The government announced tax cuts on all IT exports and reduced the telecom taxes as well in order to boost the IT sector growth in the country. According to Pakistan Software Board PSEB, Pakistan had seen tremendous 98 percent growth in IT exports during the last 4 years.
But reaching $10 billion from current estimated $3 billion in just 3 years is quite a task, but looking at the past performance where 98 percent growth was evident in the last four year, we can say that reaching $10 billion in next 3 years is not harder for Pakistan if government continues to support the cause.
Pakistan only needs little more than 200% growth in the next 3 years almost double the past performance, if Pakistan achieves the target or doubling the growth than reaching $10 billion is not a problem.
There is still a problem in measuring accurate figures of revenue generated through IT exports, The Minister of Information and Technology has called upon IT companies to get their remittances through a specific code so that accurate figures can be measured. The ministry and PSEB are working hard to ensure the target of $10 billion by 2020 is met.
The government has already initiated support programs and will continue to take such initiatives which will eventually promote Pakistan’s IT industry across global markets. The initiatives such as local IT events, International IT exhibitions, meetings with foreign investors, capacity building, CMMI training, infrastructure development programmes, special incentive packages for startups and entrepreneurs are the ones which would play an important role in maximizing the IT revenues.