ISLAMABAD: The Ministry of Information Technology and Telecommunication (MoIT) has set a target of $5 billion in IT export remittance by fiscal year 2023.

An official of Ministry of IT and Telecommunication said the measures taken by the IT ministry was moving on the right track and it was witnessed with the increase in exports of Information Technology & IT enabled Services (ITeS) in the current fiscal year.

“The country's IT sector exports have registered a 40 percent increase during the first half of the current fiscal year (July-December)”, he said.

Information and Communication Technology (ICT) export remittances including export of Telecommunication, computer and information services, have surged to US $958 million at a growth rate of 40% during July-December of FY 2020-21, in comparison to US $684 million during July-December of FY 2019-20.

The official said that IT sector was growing at a faster rate, earning valuable foreign exchange, creating high paying jobs, improving national productivity and quality of life through innovative technology solutions.

He said that Pakistan’s IT sector exported products and services to over 100 countries and counts world’s largest entities among its regular clients. It was the largest net service export industry in Pakistan’s economy, he added.

He said Pakistan’s IT sector had the bandwidth to provide state of the art IT products and services and thus had the potential to significantly boost much needed foreign exchange earnings for Pakistan.