In a significant development for Pakistan’s IT industry, Caretaker Federal Minister for Information Technology and Telecommunication, Dr. Umar Saif, expressed optimism that a recent decision will propel IT exports to reach the ambitious target of $4 billion.
This groundbreaking decision allows IT companies to retain 50 percent of their export proceeds in special foreign currency accounts, marking a substantial increase from the previous limit of 35 percent.
Dr. Saif’s strong commitment to the growth of the IT sector is visible in this important step, which streamlines financial operations and expands the industry’s potential for expansion.
The addition of “digitization and enhancement of forex retention for IT companies” on the agenda of the Special Investment Facilitation Council (SIFC) meeting signifies a momentous milestone in the journey to facilitate the IT industry’s progress.
Following the directives of the SIFC, the State Bank of Pakistan (SBP) is composed to revise foreign exchange regulations, granting IT exporters and companies the ability to retain 50 percent of their export proceeds in specialized foreign currency accounts.
The Ministry of IT and Telecom played a central and instrumental role in brokering successful negotiations between the IT sector and the State Bank. This underscores the government’s steadfast commitment to cultivating an environment conducive to technological innovation.
Dr. Umar Saif’s tireless advocacy for the IT industry bore fruit when he brought the sector’s demands to the attention of the federal government, leading to its inclusion on the SIFC’s agenda. This proactive approach has culminated in a landmark decision that not only enhances the IT industry’s competitiveness but also offers companies the opportunity to repatriate their accounts from overseas to Pakistan. Dr. Umar Saif’s relentless efforts and strategic advocacy have led to a transformative decision that promises to boost Pakistan’s IT exports and solidify the industry’s position on the global stage. This achievement underscores the government’s dedication to nurturing the IT sector and fostering an environment where technological innovation can flourish.
