Pakistan saw the largest number of IT company registrations with SECP in the fiscal year 2020-21
The Pakistan Software Export Board (PSEB), an entity of the Ministry of Information Technology and Telecommunication, is setting up a dedicated office in Quetta with the aim of boosting the IT sector in Balochistan.
Issuing a statement, PSEB MD Osman Nasir said the board is working on enhancing the efficiency of the Information and Technology industry in order to strengthen exports of IT products and services from Pakistan to other countries across the world. It will further facilitate the holistic growth of Pakistan’s IT industry.
“The multipronged efforts are bearing fruit as the number of IT companies registered with the Security and Exchange Commission of Pakistan has surged to over 10,000,” Osman Nasir said in the statement.
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In the ongoing fiscal year 2020-21, Pakistan saw the largest number of IT company registrations with more than 2,800 new businesses registering with the Commission. Nasir lauded the performance of the IT industry in the country at a time when the world is experiencing a global economic slowdown in the aftermath of COVID-19. He added that the industry’s exceptional performance demonstrates the resilience of Pakistan’s IT ecosystem. According to the statement, Karachi, Islamabad, and Lahore have emerged as leading tech hubs in Pakistan, in view of the ongoing rise in the IT industry’s exports.
“PSEB’s office in Quetta would follow an all-inclusive approach for laying the foundation stone of rapid industry growth in the province which would generate sustainable economic growth and job opportunities,” he added.
In the next phase of IT industry growth, the board is focusing on the development of Pakistan’s secondary and tertiary cities. In this regard, MD PSEB pointed out that work is currently in progress to establish Software Technology Parks in Faisalabad, Swat, Kairpur, Bannu among other districts to strengthen the IT industry in the country.
Reportedly, Pakistan’s ICT industry export remittances, including telecommunication, computer, and information services, have surged exponentially at a growth rate of 41.43 percent to $1.29 billion during July-February in the current fiscal year 2020-21, compared to $917.84 million during the same period in the last fiscal year.