Dawood sees ICT exports exceeding the $2 billion mark in FY’ 20-21

Dawood sees ICT exports exceeding the $2 billion mark in the current fiscal year

Pakistan Telecommunication and ICT exports grew 40% over the year in the first half of the current fiscal year

The Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, expressed hope that the Telecommunications and ICT exports will cross $2 billion mark in the current fiscal year during a  meeting of Ministry of Commerce. The meeting, which was also attended by the officials of the Ministry of Commerce (MOC), discussed Pakistan’s Global Trade in Services for the First Half of the Financial Year (FY) 2020-21.

“Telecommunication & ICT” services which increased by 40% to $958 million during July to December 2020 as compared to $684 million in the same period the previous year. The ICT Exports will soon become a very important sector in Pakistan total exports and I am optimistic that these would cross the USD 2 billion mark in the current financial year”, he said.

Dawood also apprised the meeting that during the first half of the fiscal year 2020-21, Pakistan’s total export of services stood at $2.84 billion. At the same time, the imports of services declined by 15.7% to $3.82 billion during the same period year over year.

Apart from Telecommunication and ICT, significant growth was observed in Insurance & Pension services which grew by 21% and Financial Services by 26%. Owing to the Coronavirus, the travel and transport sectors showed a negative growth of 28% and 18% respectively.

Dawood noted with satisfaction that during the period July to December 2020, Pakistan’s services exports have finally turned around and have started to show positive growth. He said that Services play an important role in everyday life. They have a central place in both domestic and international economies and account for the bulk of global Foreign Direct Investment (FDI) and trade. He said that Services connect countries to the international trading system by facilitating supply chains and e-commerce.

Dawood noted with satisfaction that the trade balance in the Services sector has improved significantly during the first six months of the current financial year. The trade balance stood at $977 million from July to December 2020 as compared to $-1.7 billion during the same period in the previous year, thereby showing an improvement of 42%. He said that this would contribute significantly to the improvement of the Current Account Deficit.

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