The Pakistan Software Export Board (PSEB) will engage and utilize the services of commercial counselors to enhance Pakistan’s information technology (IT) and IT-enabled services (ITeS) exports and for facilitating companies in overseas markets.
This was revealed by a senior official in the Ministry of Information Technology and Telecommunication attending the Board of Directors meeting of Pakistan Software Export Board (PSEB).
Federal Minister for Information Technology and Telecommunication Syed Amin Ul Haque chaired the 43rd meeting of the Board of Directors of PSEB which also approved the operational budget estimates of Rs. 302.847 million for the Board for the fiscal year 2020-21.
Federal Secretary Ministry of IT and Telecommunication Shoaib Ahmad Siddiqui also attended the meeting and briefed the chair about the working of the PSEB and its performance.
The meeting discussed matters related to PSEB working and IT exports. The meeting was informed that all possible steps have been taken to ensure the sustainable growth of Pakistan’s IT industry and to ensure close coordination with the IT industry and associated stakeholders. The generous incentives from the government and various projects to enhance the capacity and capability of the IT Industry have resulted in strong industry growth rates.
Incentives to the industry include zero income tax on IT and ITeS exports till June 2025, tax breaks for the PSEB-registered IT startups for three years, up to 100 percent foreign ownership of IT and ITeS companies, up to 100 percent repatriation of profits for foreign IT and ITeS investors, tax holiday for venture capital funds till 2024, among other incentives.
It was further informed that the ITeS export remittances comprising computer services and call center services surged to $1.11 billion at a growth rate of 20.75 percent in the first 11 months of the fiscal year 2019-2020 (July-May), compared to $917.875 million during the same period of 2018-2019.
According to a senior official, the meeting was informed that 6,000 Pakistan-based IT companies were providing IT products and services to entities in over 100 countries.
Strong inventive are being provided to the IT industry, and there are several projects intended to facilitate and assist the IT industry in its growth trajectory and to ensure continued upward momentum in local and export earnings. Pakistan was ranked the 3rd-most popular country for freelancing in the world, and Pakistani IT companies are providing products and services to the world’s largest companies.
PSEB officials stated that the Board had highly trained and experienced assets in the form of commercial counselors in important cities around the world and that they could contribute significantly to projecting Pakistan’s IT and ITeS sector around the globe.
The meeting approved the minutes of the previous meeting of the Board of Directors of the PSEB and re-composition of the sub-committees of the PSEB Board of Directors.