Pakistan is the most financially attractive IT&ITeS outsourcing destination in the world, the Economic Survey 2023-24 revealed last week.
According to Kearney’s 2023 Global Services Location Index, Pakistan is the most financially attractive IT&ITeS outsourcing destination in the world. The development of Pakistan’s ICT sector can be gauged from the fact that over 20,000 IT&ITeS companies are registered with the SECP, comprising both domestic and export-oriented enterprises.
During FY 2024 (July-March), ICT sector exports reached $2.283 billion, the highest among all Services (39.31 percent of the total export of services), with ‘Other Business Services’ trailing at US $ 1.205 billion. Pakistan-based freelancers contributed foreign exchange earnings to the economy through remittances of $350.15 million during FY 2024 (July-March).
PSEB launched its first-ever women’s software technology park at the Women’s University of Bagh AJK during FY 2024. Till 31st March, 2024, the NICs have incubated over 1,480 startups, with more than 710 graduated successfully, generating over 128,000 jobs, receiving a total investment of Rs. 23 billion plus and generating a combined revenue of more than Rs. 16 billion. Over 2,800 women entrepreneurs have been empowered through the program.
During FY 2024 (July-March), the telecom sector showed resilience, expanding its services, and generating telecom revenues estimated at Rs. 735 billion. As of March 2024, total telecom subscriptions (Mobile and Fixed) reached 194 million, with the total teledensity in the country reaching 80.7 percent. During FY 2024 (July-March), the telecom sector contributed Rs. 213 billion directly to the GDP.
Information Technology and telecom enable digital transformation in sectors like finance, healthcare, education, agriculture and government services, leading to improved service delivery, greater accessibility, and efficiency gains, thereby driving economic development.
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