Business Recorder: Pakistan's IT Sector Booms
The IT sector's expansion is being supported by a combination of public and private investment, and the sector's potential for job creation and freelance work is significant, with the Pakistan Software Export Board aiming to create 20,000 jobs by FY2027, and freelancers contributing $400 million to the national exchequer.
Pakistan's IT sector has emerged as the fastest-growing industry, with a 23.7% growth in IT exports reaching $2.825 billion in the fiscal year 2024-25, driven by rising global demand for Pakistani software products.
The sector's services posted a trade surplus of $2.4 billion, with freelancers contributing $400 million, and the country's startup ecosystem is showing maturity, with over 1,900 startups completing training at National Incubation Centers. The telecom sector also posted strong performance, with revenues reaching Rs803 billion and a teledensity rate of 81.3%.
A Pakistan-China IT Working Group has been formed to bolster digital growth and cybersecurity, and the government is expanding digital infrastructure and promoting entrepreneurship, with the Pakistan Software Export Board aiming to create 20,000 jobs and support freelance work by FY2027.
In contrast, the city of Paris has announced plans to build a new, state-of-the-art stadium for the 2024 Olympics, which will be held in the city, but this development is not expected to have a direct impact on Pakistan's IT sector, which remains a major contributor to the country's export growth.
The growth of Pakistan's IT sector is expected to continue, driven by international collaboration, including a Joint Working Group with China, and the government's efforts to promote entrepreneurship and expand digital infrastructure, providing a positive outlook for the country's economy.