IT is one of the leading sectors of Pakistan in terms of revenue and is included in the top 5 export earning sectors. The IT moguls and leaders have requested the government to revisit policies as the existing ones are hurting foreign investment in the country.
The businessmen urged the government to take immediate action as the IT sector has a lot of potential and can help maintain a good balance in the international payment crisis.
SAP Pakistan Country Managing Director, Mr. Saquib Ahmad, said, “IT is still one of the top five export-earning sectors in Pakistan at present.”
Arif Habib Limited states that Pakistan’s IT export was recorded $1.33 billion in the first half of the financial year 2023, which shows an increase of 2% compared to the last year in the same period.
Ahmad was addressing at ‘Digital Transformation and Cloud Migration’ where he said, “IT exports hold high potential for notable growth going forward, but the existing policies remain a hindrance.”
The sources reveal that the government is not allowing IT firms to repatriate profits to their foreign head offices due to decrease in foreign exchange reserves.
“This is hurting foreign investors and blocking the flow of new foreign direct investment (FDIs) into the country,” added Ahmad.
It is speculated that the overall repatriated amount by all foreign firms is nearly $1 billion.
“Change management (mindset) is the biggest hurdle for digital transformation across the world, including Pakistan. Employees feel insecure about their jobs and, hence, are reluctant towards digital change,” said Ahmad.
He further added, “To address the issue, SAP is offering free-of-cost training programmes to students at schools and universities in Pakistan with effect from January 1, 2023.”
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