By Miran Rehmat:
With the fourth fastest growing freelance market and the increasing adaptiveness of its young workforce, Pakistan’s economic revival depends heavily on the actualization of its potential as a leading information technology exporter.
Recent policies, including a zero tax rate for freelancers, introduction of the country’s first e-commerce framework and the expansion of remittance-oriented digital banking facilities, have allowed the growth rate of Pakistan’s information technology sector to reach 38.16 per cent and exports to cross $2 billion in 2022.
The industry is expecting a comprehensive incentive package as Federal Minister for Information Technology and Telecommunication Syed Amin ul Haq announced plans to facilitate the switch of freelancers and IT companies from secondary cities to the mainstream and push IT-enabled services export remittances to reach $5 billion by the end of 2023.
a zero tax rate for freelancers, introduction of the country’s first e-commerce framework and the expansion of remittance-oriented digital banking facilities, have allowed the growth rate of Pakistan’s information technology sector to reach 38.16 per cent and exports to cross $2 billion in 2022.
Given the increase in virtual migration post-Covid and as global technology unicorns look towards more cost-saving markets for skilled labor, the time is ripe for both authorities and local technology companies to work in-sync if they are to achieve such targets. A recent study published by securities brokerage firm Khadim Ali Shah Bukhari Securities (KASB) suggests that the country’s digital services sector averages much higher in terms of growth potential than all other conventional business initiatives. The report also suggests that stocks and securities of Pakistan’s technology companies continue to be under-valued and any progress in this matter can boost the growth of the country’s stock market indexes.
A recent study published by securities brokerage firm Khadim Ali Shah Bukhari Securities (KASB) suggests that the country’s digital services sector averages much higher in terms of growth potential than all other conventional business initiatives
With the country’s median age standing at just 23.2 years and an increase of internet users by 22 million between 2021 and 2022, Pakistan stands on the lucrative verge of exploding in the global technology arena. Given that government authorities are pushing for freelancers to increase their digital output and industry stakeholders looking to broaden their revenue streams, the sector positions itself as a silver lining that can save the country’s fledgling economy.
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