Pakistan’s IT Sector Sees Significant Growth and Investment in 2024

A vibrant scene depicting the growth of Pakistan's IT sector, featuring modern technology elements like data centers, servers, and IT parks. Include u

ISLAMABAD: Pakistan has witnessed a surge in the number of registered Information Technology (IT) companies, reaching a total of 20,000, according to ARY News on Tuesday.

The recent Economic Survey Report highlighted substantial growth in IT exports, amounting to $2.283 billion, reflecting the increasing global demand for Pakistani IT services and the sector’s contribution to the national economy. Additionally, remittances from IT freelancers were recorded at $35 million, showcasing their significant role in the industry.

The report also noted a significant increase in broadband and telecom users, with broadband users reaching 135 million and telecom users growing to 194 million.

Earlier this week, the federal government proposed a significant 357 percent increase in the IT sector budget for 2024-25. The Ministry of IT has been allocated Rs 27.43 billion in the development budget, including Rs 6.28 billion for 15 new projects.

The government proposed Rs 21.15 billion for ongoing projects and Rs 3.5 billion for the Digital Economy initiative. Notable allocations include Rs 1 billion for innovation in the IT industry, Rs 50 million for the national assembly’s digitalization, and Rs 300 million for smart office projects in government departments.

The budget also includes Rs 9.92 billion for the Islamabad Technology Development Park, Rs 6.78 billion for establishing an IT park in Karachi, and Rs 1 billion for the Cybersecurity Fund for the Digital Pakistan project.

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