The Government of Pakistan has taken another significant step in the IT sector, setting a target to increase IT exports to $15 billion in the next five years.
The IT sector is one of the priority sectors of the Special Investment Facilitation Council (SIFC), which has worked diligently to promote its growth.
To achieve this target, the State Bank of Pakistan has amended the “Foreign Exchange Manual” to bolster the international presence of IT companies.
These amendments include increasing the limit for profit repatriation for IT exporters from 35% to 50%.
Additionally, as part of these amendments, local IT companies have been permitted to establish more than one entity abroad to expand the IT sector internationally.
Due to the efforts of the government and SIFC, the share of IT exports has grown from 4% to 8% during 2019-2024, which is a positive sign for the development of the IT sector.
This growth reflects the active expansion of the IT sector and its significant role in increasing the country’s exports.
Thanks to SIFC’s facilitation, the regulations issued by the State Bank will create a conducive environment for the global expansion and further development of the IT sector.
