IT exports to reach staggering $10 billion in 2025; reveals PSEB

PSEB IT exports

PSEB IT exportsPakistan’s IT exports are expected to reach $5 billion by 2020 and $10 billion in 2025, according to Pakistan Software Export Board (PSEB). Asim Shahryar Hussain, Managing Director PSEB, revealed this information while briefing a National Assembly Standing Committee on Information Technology and Telecommunication yesterday.

As of 2017, the current IT exports stands at $2.84 billion where 1/4th of foreign revenue was remitted whereas the rest of the revenue was kept abroad to cover costs of foreign office, international marketing, etc.

In 2016, the IT exports remittances are estimated to be $561 million, and currently, PSEB projects this number to grow into $661 million in 2017. The freelancing community of Pakistan has grown quite in large numbers in the recent years and exports through freelancers were revealed to be around $200 million per year.

Apart from revealing the projected figures, the PSEB official failed to provide a roadmap for achieving the set targets. Also, they informed the committee that Pakistan is lagging behind in IT exports from neighboring countries due to its bad image. However, the committee officials remarked that the reason for the country’s low IT exports is lack of capacity building, ignorance of commercial councilors at abroad, lack of quality software and standard certification system. It is yet to be discovered how PSEB aims to achieve this new set goal.

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