Pakistan has the potential to enhance its IT exports to $10 billion from the current $2 billion, said a report released by the Overseas Investors Chamber of Commerce and Industry (OICCI).
The report titled “OICCI Recommendations for Digital Economy” highlighted the much-needed shift required to capture the opportunity of digital transformation happening within and outside Pakistan through a new mindset.
“By digitising most, if not all, key segments of the economy could boost IT exports to $10 billion annually, provide a significant growth to gross domestic product (GDP), attract billions of dollars in foreign direct investment (FDI) and create new jobs within a short period,” the report added.
It highlighted the FDI potential by creating an enabling environment for investment in the platform and hi-tech ecosystem so that Pakistan could attract global IT platform players and venture capital funds to accelerate innovation.
The OICCI digital recommendations cover six key areas which include connectivity, digital financial system, export growth and digital skills, platforms and e-commerce ecosystem, innovation and regulatory environment, and digital governance and citizen services.
Highlighting the potential for IT exports, OICCI President Haroon Rashid said, “While IT exports from Pakistan are only worth $1-2 billion, the Philippines, with half the population of Pakistan, exports IT services worth about $30 billion, India over $190 billion and many other Asian countries are also well ahead of Pakistan,”