ISLAMABAD: The Special Investment Facilitation Council (SIFC), a high-powered government body designed to attract foreign investments, has played a crucial role in improving the growth of Pakistan’s IT sector during the past year through investment-friendly policy initiatives.
This year, Pakistan’s IT exports to Saudi Arabia reached $310 million in the month of April, a significant milestone and the highest ever recorded in a single month.
The IT sector is on its way to becoming Pakistan’s largest export market and Pakistan’s continued exports to Saudi Arabia have seen an annual increase of $100 million in IT exports over the past two years.
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Additionally, according to data released by the State Bank of Pakistan (SBP), IT exports have increased by 62% year-on-year and export receipts have seen a 1% increase over the previous month.
IT sector exports hit a record high of $2.59 billion from July to April of the current financial year, showing a year-on-year growth of 21% over the same period last year.
