ISLAMABAD: Data for information technology exports in January 2024 is alarming as it records a decline of 12.4 percent to $265 million in IT exports on a month-on-month (MoM) basis as compared to December 2023; where it stood at $303 million.

This was stated by leading IT exporter Noman Said.

“We must accept that there are challenges in the IT industry with an open mind, which are hampering the efforts to realize the full potential of IT exports,” Said added.

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Three hundred million dollars a month is a psychological barrier vis–a–vis IT exports; and, will translate into attainment of the country’s annual IT exports target for the year fiscal year 2024; i.e. $3.5 billion - and that should precisely be the target for the outgoing fiscal year, he added.

Noman reiterated that IT is a sector which can help Pakistan improve its socio-economic indicators through stabilizing rupee-dollar parity and reigning-in costlier dollar’s multiplier effects on inflationary pressures on the back of swiftly increasing the country’s exports. IT is an industry which doesn’t require an incubation period of 5 - 10 years as is the case in most of the other export-oriented industries of the country, he added.

Said further elaborated the role and scope of special investment facilitation council (SIFC) for attracting investments into the IT industry through clearing red tape and inconsistency in policies for a few years to come.

He articulated the demands of the private-sector for policy interventions on a federal level as: (i) declare the IT industry irrevocably tax-free for a decade – notwithstanding any change in the government (ii) MoITT, PSEB, SBP, FBR and SECP should have facilitative and uniform policies; irrespective of their institutional orientation; for creating an enabling environment for the growth of the IT industry in the country (iii) MoITT should embark on a national-level skills development programs in artificial intelligence (AI); games development; FinTech; digitalization of governance; blockchain technologies and app development (iv) private-sector representation is a must on special technology zones authority (STZA) and provincial information technology boards to enable them make policies that can deliver on ground.

Copyright Business Recorder, 2024