KARACHI: Pakistani IT companies exporting IT and IT-enabled services are exploring their potential in Singapore’s emerging markets to enhance the country’s penetration and exports in the Asean region.
In this regard, a delegation of leading IT companies under Tech Destination Pakistan, Ministry of IT and Telecommunication (MoITT) have set up a Pakistani pavilion for the first time in Singapore Tech Week, one of the renowned tech events across the world with the participation of more than 500 international exhibitors.
Singapore is one of the global leaders in technology development and is always one step ahead of most countries regarding technological advancement. Its ICT market size is estimated at $47.88 billion in 2024 and is expected to reach $76.67 billion by 2029, growing at a CAGR of 8.31% during the forecast period (2024-2029).
Muhammad Umair Nizam, Senior Vice Chairman of P@SHA, emphasized the importance of Singapore as a key market for Pakistan’s IT exports because its strategic local as a global technology hub makes it an important destination for Pakistani IT companies seeking to expand their global footprint and driving Pakistan’s ambition to become a leading tech exporter.
“This is our first participation in Singapore Tech Week, and we see tremendous potential for collaboration. We aim to have an even larger presence in future editions,” he said.
Prominent IT companies, including Hexalyze, Alethia-AI, Synapsify, Zeki Expert Solution, and Ecommerce Gateway Pakistan showcased their innovative solutions and engaged with potential buyers and partners from across the region.
CEO Hexalyze Saad Shah said that Pakistan’s IT companies are now actively exploring new markets in different markets, mainly the Asean region through Singapore to enhance the exports in terms of values and volume at an accelerated rate.
He mentioned that Singapore was not focused in the past by Pakistani companies due to their market concentration in the USA, however, Pakistani companies are increasing their presence in Singapore with the establishment of offices and participation in tech events. Pakistani companies with their expertise in different fields of ICT will attract a good number of clients and business orders this year.
According to an estimate, Pakistan’s ICT exports stood at nearly $533 million between FY13 and FY22 from Singapore, one of the five biggest importers of ICT services globally.
Pakistan exports IT and IT-enabled services to 120 countries. Its exports surged to over $3.2 billion in the last financial year, an all-time high.
Copyright Business Recorder, 2024
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