SIFC’s role vital in growth of IT sector

Islamabad: Special Investment Facilitation Council (SIFC) on Sunday played an important role in improving the growth of the IT sector in the past year through investment friendly policy initiatives.

This year, Pakistan's IT exports to Saudi Arabia reached $310 million in the month of April, a significant milestone and the highest ever recorded in a single month.

The IT sector is on its way to becoming Pakistan's largest export market and Pakistan's continued exports to Saudi Arabia have seen an annual increase of $100 million in IT exports over the past two years.

Additionally, according to data released by the State Bank of Pakistan (SBP), IT exports have increased by 62 percent year-on-year and export receipts have seen a 1 percent increase over the previous month.

IT sector exports hit a record high of $2.59 billion from July to April of the current financial year, showing a year-on-year growth of 21 percent over the same period last year.