Hi Everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “IT Export Growth in Pakistan: Why Turning to the Asia-Pacific Alliance is Key”. Pakistan’s efforts to enhance its IT industry and bolster IT exports have been ongoing for some time. Despite the sector’s immense potential, it remains underdeveloped and underexplored in Pakistan. In this article, we will explore the reasons why Pakistan should consider the Asia-Pacific Alliance as a key partner in driving the growth of its IT exports.
Muhammad Zohaib Khan, who serves as the Chairman of the Pakistan Software Houses Association (P@SHA), has announced that the Pakistani IT industry has established strategic partnerships with the Asia-Pacific Information & Communication Technologies Alliance (APICTA), which is comprised of 16 economies. The primary objective of these alliances is to promote IT & IT-enabled Services (ITeS) exports in a tangible manner. Mr. Khan revealed this information, highlighting the important role that APICTA plays in supporting and boosting the IT industry in Pakistan.
During the 79th Executive Committee meeting of APICTA in Perth, Australia, the top executive of P@SHA expressed his concerns and apprehensions regarding the stagnation in IT exports. He stated that the IT & ITeS industry’s export remittances had shrunk by 0.5 percent to $1.94 billion in Q1 – Q3 FY23. This was in stark contrast to the 47 percent average growth that the IT & ITeS industry had posted for two consecutive years, namely FY21 and FY22. The Pakistani delegation, which included Jamil Goheer and Dr. Shoab Khan, CEC members of P@SHA, was led by the top executive of P@SHA.
IT Export Growth in Pakistan
The APICTA countries have a combined GDP of over $30 trillion. This presents a massive opportunity for Pakistan’s IT industry. The industry can tap into potential export markets in the Asia-Pacific region. It can also tap into allied nations such as China, Malaysia, Indonesia, Australia, and Japan.
With a population of 230.1 million, of which 64 percent are under the age of 35, the benefits of Pakistan’s engagement with this region and its IT alliance could be significant. This presents an opportunity for a developing country like Pakistan to leverage the vast economic potential of the region.
Collaboration and harmony are essential among FBR, SBP, SECP, TDAP, and PSEB. P@SHA is prepared to support these institutions. The goal is to align policies with international standards. This will facilitate the growth of the IT industry in Pakistan.
The speaker stated that Pakistani IT exports are expected to reach between $2.5 billion to $2.6 billion this year. By implementing business-friendly policies and improving ease of doing business parameters. It is possible to achieve the ambitious goal of reaching $5 billion in just two years. Currently, Pakistan ranks at a lowly 108th position in this area.
The speaker suggests that the Pakistani government should take action to improve business conditions. By implementing the right policies, IT exports could double in just two years. This would require addressing factors that contribute to Pakistan’s poor ranking for ease of doing business.
In conclusion, the speaker is optimistic about the potential for Pakistan’s IT industry to grow rapidly in the coming years. The growth will depend on the government’s ability. The government needs to create a more favorable business environment. The environment should be favorable for both domestic and international companies.
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