Pakistan’s IT Sector Aims for $5 Billion Exports with State Bank’s Support

In Pakistan, the IT industry is making strides towards boosting its exports, aiming for an ambitious target of $5 billion annually. This drive has been fueled by recent policy measures introduced by the State Bank of Pakistan (SBP). These policies have garnered praise from IT experts and industry leaders who emphasize the urgent need for their implementation.

The Pakistan Software Houses Association (P@SHA) Chairman, Muhammad Zohaib Khan, lauded the support of the Special Investment Facilitation Council (SIFC) and the Ministry of Information Technology & Telecommunication (MoITT) in addressing the industry’s long-standing demands. He stressed the importance of commercial banks promptly complying with the new measures.

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One significant change is the increase in the permissible retention limit for IT exporters from 35% to 50%. This allows IT companies to retain a larger portion of their foreign earnings in their accounts. Additionally, commercial banks have been advised to facilitate the issuance of debit cards to IT exporters, enabling them to make online payments using their foreign currency account balances.

While experts are optimistic about these changes, concerns have been raised regarding the delayed issuance of corporate trade cards. Some argue that the sector needs more incentives to reach the $5 billion export target quickly. These incentives include alternatives for repatriation of funds and the issuance of corporate trade cards.

Despite these challenges, the IT industry remains determined to achieve its goal, provided the SBP swiftly enforces the new policy measures. The successful implementation of these policies is expected to gradually boost IT exports and position Pakistan as a significant player in the global IT market.

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