Pakistan's IT sector aims to reach $15 billion export with support of Army-backed SIFC

The Pakistan government has set an ambitious target of increasing IT-based exports to $15 billion in the next 5 years with the support of the Pakistan Army-backed Special Investment Facilitation Council (SIFC).

The country's IT sector has shown massive growth in recent years, with exports reaching $2.6 billion in the last financial year. The export is expected to rise to $3.5 billion this year.

To tap into the export potential, the government has allocated a substantial budget of over Rs79 billion for the current financial year 2024-25.

Federal Finance Minister Muhammad Aurangzeb announced that Rs19 billion will be spent on establishing IT parks in Karachi and Islamabad, while Rs22 billion will be allocated to the Pakistan Software Export Board (PSEB).

Chairman Pakistan IT Industry Association pointed out the need to enhance IT infrastructure and skilled manpower to fully leverage the digital economy.

Improving digital infrastructure and internet connectivity is crucial to build the IT sector according to modern industrial standards, the chief added.

It's pertinent to mention here that Pakistan set up the SIFC, a hybrid civil-military forum, in June last year to attract international investment, particularly from Gulf countries, in its key economic sectors.