in ,

Pakistan Exported Technological Services for $1.3 Billion

Pakistan Exported Technological Services for $1.3 Billion

Do you know Pakistan Exported Technological Services for $1.3 Billion? The export of computer services increased by 3.15 percent from July to December (2022-23), going from US$ 1,033.280 million to US$ 1,065.810 million. In the last six months, exports of computer services for software consulting increased by 6.34 percent, from US$ 368.334 million to US$ 391.697 million, while exports for hardware consulting increased by 209.95 percent, from US$ 1.095 million to US$ 3.394 million.

Pakistan Exported Technological Services for $1.3 Billion

While the exports of repair and maintenance services climbed to US$ 1.530 million from US$ 0.754 million, the export and import of services connected to computer software increased by 11.29 percent, from US$ 271.697 million to US$ 302.376 million. Moreover, there was a 6.28 percent decline in the exports of other computer services, from US$ 391.400 million to US$ 366.813 million.

Read More: Pakistan’s Petroleum Imports Fell by 16% in January.

With the passage of time, software has grown to be a huge industry, nearly a gold mine and a fantastic opportunity for nations that export IT, like Pakistan. In this fiscal year, the export of software-related services increased by 34.87 percent in Pakistan. The total increased to $563.071 million this year from $417.485 million last year, which is still a respectable gain.

The Pakistan Software Export Board (PSEB), a company operating under the Ministry of IT and Telecommunication, reported this in its most recent performance report. According to the statement, the Ministry of IT is making every effort to ensure the long-term development of Pakistan’s IT sector and to maintain close communication with all relevant stakeholders. Strong industry growth rates are a result of the considerable government incentives and numerous projects to increase the capacity and capability of the IT Industry.

Pakistan Exported Technological Services for $1.3 Billion

Pakistan Exported Technological Services for $1.3 Billion
Pakistan Exported Technological Services for $1.3 Billion

A few of the incentives for the industry are the following: zero income tax on IT and ITeS exports until June 2025; tax breaks for PSEB-registered IT start-ups for three years; up to 100 percent foreign ownership of IT and ITeS companies; up to 100 percent repatriation of profits for foreign IT and ITeS investors; and a tax holiday for venture capital funds until 2024.

The Pakistan Bureau of Statistics (PBS) released comprehensive data on the IT sector, including the revenue generated by each sub-sector, including Computer Services, IT Services, Telecom Services, and Software Services. Let’s talk about each of them as well as break them down into specific data.

Banks are encouraged to offer digital channels for the opening and management of these special foreign currency accounts, according to the SBP. After performing the requisite due diligence, banks can now facilitate outbound remittances from the retained revenues through the issuance of corporate debit cards.

“The modifications would encourage new entrants in this industry to focus on exports and enable existing exporters to improve their business,” according to the SBP. This will lead to the creation of job opportunities and an increase in the nation’s foreign exchange profits.

In the first half of the current fiscal year 2022–23, Pakistan made US$ 1,333.230 million by offering various information technology (IT) services to various nations. The Pakistan Bureau of Statistics (PBS) revealed that this represents a growth of 2.41 percent when compared to the US$ 1,301.880 million earned through the provision of services during the equivalent months of the fiscal year 2021–22.

Exports of repair and maintenance services from the computer software services sector fell from $1.446 million last year to $0.662 million this fiscal year. However the amount spent on other computer software services increased significantly, from $693 million to $743.230 million, or 7.25 percent.

At the same time, the export of information services fell by 22.97% from US$ 2.830 million to US$ 2.180 million during the period under review. When it comes to the exports of information services, news agency services had a 22.36 percent decline, from US$ 1.923 million to US$ 1.493 million, while other information services saw a 24.26 percent decline, from US$ 0.907 million to US$ 0.687 million.

Read More: South Korea Will Employ 2,000 Pakistani Workers

The data showed that during the months under evaluation, the export of telecommunication services saw a nominal decline of 0.20 percent, falling from US$ 265.770 million to US$ 265.240 million.

The export of call center services, which increased from US$ 101.694 million to US$ 107.006 million during the period under review, increased by 5.22 percent, according to PBS data, while the export of other telecommunication services decreased by 3.56 percent, from US$ 164.076 million to US$ 158.234 million.

Rate This Post!
Total: 1 Average: 5

Use of ChatGPT is banned by the University of Hong Kong

Use of ChatGPT is banned by the University of Hong Kong

Multitasking Affects Productivity

How Multitasking Affects Productivity in 6 Ways