ISLAMABAD: Taking another important step, the government of Pakistan has set a target of increasing IT exports to 15 billion dollars in the next 5 years.
IT sector is one of the priority sectors of SIFC which the team of SIFC worked very hard to promote.
To achieve the target State Bank of Pakistan has made amendments in “Foreign Exchange Manual” to increase the international presence of IT companies. In these amendments, the profit carryover limit for IT exporters has been increased from 35 percent to 50 percent.
Allowing local IT companies to set up more than one entity abroad is also a part of these amendments to expand the IT sector internationally.
Thanks to the efforts of the government and SIFC, the share of IT exports to increase from 4 percent to 8 percent during 2019-2024 is auspicious for the growth of the IT sector. This development is a reflection of the active expansion of the IT sector and the important role it plays in the growth of the country’s exports.
Facilitated by SIFC, the regulations issued by the State Bank will create a favorable environment for the global expansion and further development of the IT sector.
