ISLAMABAD, Jun 11 (APP): Pakistan’s telecom sector demonstrated remarkable resilience during the financial year 2023-24 (July-March), expanding its services and generating estimated revenues of Rs 735 billion.
According to the Economic Survey 2023-24 unveiled on Tuesday by Minister for Finance and Revenue Senator Muhammad Aurangzeb, as of March 2024, total telecom subscriptions (mobile and fixed) reached 194 million, with 80.7 percent teledensity in the country.
The telecom sector contributed Rs 213 billion directly to the GDP (gross domestic product).
Information technology and telecom enabled digital transformation in sectors like finance, healthcare, education, agriculture and government services, leading to improved service delivery, greater accessibility, and efficiency gains, thereby driving economic development
During the period under review, the ICT (information technology communication) sector exports reached US$ 2.283 billion, the highest among all services (39.31 percent of the total export of services), with ‘Other Business Services’ trailing at US$ 1.205 billion.
Pakistan-based freelancers contributed foreign exchange earnings to the economy through remittances of US$ 350.15 million during FY 2023-24 (July-March).
“The Information Technology and Telecommunication sector in Pakistan is playing a pivotal role in driving economic growth and improving the quality of life for citizens through digital transformation,” the Survey noted.
Sustained investment and robust policy support were imperative to fully leverage the potential of the dynamic sector, it added
The Vision of Digital Pakistan is driving comprehensive digital transformation across various sectors, promising to unlock new opportunities for economic growth, innovation, and inclusive development in the economy.
The China-Pakistan Digital Corridor and investments in the digital economy, along with the Joint Working Group (JWG), are fostering innovation, boosting investment cooperation, and promoting the deployment of new digital technologies.
According to Kearney’s 2023 Global Services Location Index, Pakistan is the most financially attractive IT&ITeS outsourcing destination in the world.
The development of Pakistan’s ICT sector can be gauged from the fact that over 20,000 IT&ITeS companies are registered with the SECP (Security Exchange Commission of Pakistan), comprising both domestic and export-oriented enterprises.
The Pakistan Software Export Board (PSEB) launched its first-ever women’s software technology park at the Women’s University of Bagh, Azad Jammu & Kashmir during FY 2023-24.
Till 31st March 2024, the NICs (National Incubation Centers) have incubated over 1,480 startups, with more than 710 graduating successfully, generating over 128,000 jobs, receiving a total investment of Rs 23 billion-plus and generating a combined revenue of more than Rs 16 billion.
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