`According to the Dawn newspaper, from July to September Pakistan’s exports of information technology and IT services stood at 635 million dollars up from 445 million dollars in the same period last year.
In the first quarter of the financial year, Pakistan’s information technology exports recorded an annual growth of 42%
From July to September, Pakistan’s exports of information technology and IT services stood at 63 crore 50 lac dollar. The report suggested that Pakistan needs to increase private investment and exports to maintain strong economic growth.
Assessing the country’s persistent trade imbalance, the report said high effective import tariff rates, limited availability of long-term financing for enterprises to increase export potential, inadequate provision of market intelligence services to exporters, and low productivity in Pakistani companies is major obstacle to exports.
The long-term fall in exports as a percentage of GDP affects the country’s foreign exchange, jobs, and productivity growth, thus it is critical for Pakistan to compete in global markets, said Derek Chen, a senior economist at the World Bank. Taking up obstacles is necessary for long-term development. He stated his case. “Where long-standing concerns with the persistent trade gap have resurfaced, this edition of the report provides a timely, in-depth examination and policy recommendations that can assist improve exports,” says the research’s executive summary.
Pakistan’s IT exports hit an all-time high this year.
In the financial year 2020-21, exports in the IT sector have increased by more than 47%.
Pakistan’s IT exports have increased by 47.7% and for the first time in the country’s history, IT exports have crossed the 2 billion mark in the last financial year. According to the Dawn newspaper, according to data released by the Ministry of Commerce, information technology exports reached 2.12 billion in the financial year 2021, up from 1.44 billion in the previous year.
Abdul Razzaq Dawood, Trade Adviser, said to the Prime Minister “I would like to congratulate the IT exporters for crossing the 2 billion mark for the first time in the history of the country”.
The use of IT can increase domestic exports, Imran Khan
Prime Minister Imran Khan said that the reason behind the country is that we have a plan for the elite but I hope that we can increase our exports by using IT and youth. Addressing the signing ceremony of the agreement by the Universal Service Fund to provide the fastest mobile broadband data services in Sindh and Balochistan in Islamabad, he said that Balochistan is very poor and it is a vast area. But this area was largely neglected and left far behind until the area where the Sui gas came from was supplied to other areas, but that area is in the Stone Age.
He said that the unilateral development that takes place in our country has a very bad effect on society. If you look at the development of the world, when the poorer countries are poorer and all the money is spent in rich countries, money laundering is rampant. Laws also protect powerful countries while leaving weak countries alone.
More blogs to read
