Pakistan Sets a New Record for IT Company Registrations

Pakistan has seen the highest ever number of IT companies registered in the current fiscal year.

PSEB Managing Director, Osman Nasir said that the multipronged efforts are bearing fruit as the number of IT companies registered with the Securities and Exchange Commission of Pakistan (SECP) has surged to over 10,000.

The fiscal Year 2020-21 witnessed the largest number of IT company registrations, with 2,826 companies registering with the SECP. This performance is especially laudable given the global economic slowdown, demonstrating the resilience of Pakistan’s IT industry ecosystem, he added.

He said that the Pakistan Software Export Board is extending maximum facilitation to the IT Industry to enhance exports of IT products and services from Pakistan and ensure holistic IT industry growth.

Pakistan Software Export Board (PSEB) – will be setting up a dedicated office in Quetta soon for the development of the IT industry in Balochistan.

PSEB MD said that Karachi, Islamabad, and Lahore have become Pakistan’s major tech hubs leading the IT industry’s export growth. The next phase of Pakistan’s IT/ITeS growth would come from a focus on secondary and tertiary cities of Pakistan.

PSEB’s office in Quetta would follow an all-inclusive approach for laying the foundation stone of rapid industry growth in the province, which would generate sustainable economic growth and job opportunities, he said.

He added that work is also in advanced stages to set up Software Technology Parks in Quetta, Faisalabad, Bannu, Swat, Sukkur, and Khairpur in the first phase.

Pakistan’s ICT industry export remittances, including telecommunication, computer, and information services, have risen to $1.298 billion at a growth rate of 41.43 percent during July–February of FY 2020-21, in comparison to $917.840 million during the July–February of FY 2019-20.

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