“IT Exports Growth: Ambitious $15 Billion Target in 5 Years with SIFC Support Amidst Challenges”

With the support of SIFC, an ambitious target has been set to increase IT exports to $15 billion in 5 years, despite facing significant challenges.

“IT Exports Growth: SIFC Targets $15 Billion in 5 Years”

With room to increase, IT exports could reach $3.5 billion this year, up from $2.6 billion in the previous fiscal year. For this fiscal year, the government has set aside more than 79 billion rupees for the IT industry.

According to the Federal Finance Minister, of this sum, 19 billion rupees will go toward building IT parks in Islamabad and Karachi, while 22 billion rupees will go toward funding the Pakistan Software Export Board.

To fully realize the promise of the digital economy, the chairman of the Pakistan IT Industry Association stressed the need for increased qualified labor and improved IT infrastructure.

In order to develop the IT sector in accordance with contemporary industrial standards, he also emphasized the pressing need to improve digital infrastructure and internet access.

Obstacles to Come:
Though the future appears bright, a number of obstacles stand in the way of reaching the $15 billion goal:

Different Policies: The uncertainty brought about by frequent changes to tax laws and regulatory structures has discouraged both domestic and foreign investment. The government’s pledge to assist the IT industry has become less credible as a result of this contradiction.

Human Resource Shortages: There is a dearth of qualified workers in the IT sector. There are currently between 45,000 and 50,000 IT graduates generated annually by local institutions, which falls short of the industry’s growing demand for skilled labor.

Infrastructure and funding availability: The growth of small and medium-sized enterprises (SMEs) in the technology industry is hindered by the lack of funding and IT-compatible infrastructure.

Many companies do not have the money to grow and make the marketing and branding investments they need to compete globally.

Prospects for the Future:
The administration is hopeful that it will be able to meet the $15 billion goal, particularly with the support of foreign alliances and strategic initiatives.

To guarantee sustainable growth, industry professionals stress the necessity of a sound, practical plan that goes beyond empty words.

It is anticipated that the forthcoming complete study on the IT export strategy will delineate the requisite measures for surmounting current obstacles and augmenting the industry’s worldwide competitiveness.