SIFC timely decisions paving way to boost IT exports to $10b: minister
- By Web Desk -
- Dec 23, 2023
ISLAMABAD: Caretaker Federal Minister for Information Technology and Telecommunication, Dr Umar Saif, on Saturday, said that the timely decisions made by the Special Investment Facilitation Council (SIFC) are yielding remarkable results and paving the way to boost Pakistan’s IT exports to $10 billion.
In a video message, the minister said, “We worked with the SIFC and the State Bank to make a significant policy intervention last month, allowing IT companies to keep 50% of their export revenue in dollars in an account in Pakistan and make their international expenses without any restrictions from this amount.”
Related: Pakistan’s first-ever IT Export Strategy announced
The minister said that, as a result of the government initiative, IT companies are beginning to bring their dollars back home, and the country’s export revenue jumped by 14% in November, a 20% increase compared to last year, the state news agency reported.
At this rate, Dr Saif expressed hope that the country would cross $3 billion in IT exports in a few months. “Our journey towards $10 billion in IT export revenue is onwards and upwards,” he added. The positive results are expected to attract more foreign investments, creating a ripple effect that will benefit the entire technology ecosystem, he added.