The Pakistan Software Export Board (PSEB) will engage and utilise the services of commercial counsellors to enhance Pakistan’s information technology (IT) and IT-enabled Services (ITeS) exports, and for facilitating companies in the overseas markets.
This was revealed by a senior official in the Ministry of Information Technology and Telecommunication, while talking to Business Recorder, after attending the board of directors meeting of the PSEB.
Federal Minister for Information Technology and Telecommunication Syed Aminul Haq chaired the 43rd meeting of the board of directors of the PSEB, which also approved the operational budget estimates of Rs302.847 million of the board for fiscal year 2020-2021.
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 the PSEB working and IT exports. The meeting was informed that all possible steps had been taken to ensure 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 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 start-ups 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 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 incentives are being provided to the IT industry, and there are several projects intended to facilitate and assist the IT-enabled Services industry in its growth trajectory, and to ensure continued upward momentum in local and export earnings.
Pakistan is 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.
The PSEB officials stated that the board had highly trained and experienced asset in the form of commercial counsellors in important cities around the world, and that, they could contribute significantly in 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.
Originally published at Business recorder