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In April, Pakistan’s IT exports rose by 62.3%.

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5 months ago

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A recent report from the BBC claims that the Special Investment Facilitation Council (SIFC) is to blame for the rise in IT exports through business-friendly regulatory changes and reforms.

The report went on to state that the primary causes of this spike in IT exports are the stability of local currency and the policies that permit independent contractors to deposit their overseas income into local bank accounts. This growth is also attributed to the State Bank of Pakistan’s lowering of the retention cap for IT companies, which was set at 35 percent.

Each and every stakeholder was given the assurance that the IT industry is one of the Special Investment Facilitation Council’s top priorities.

Over 25 thousand IT graduates and freelancers received salary from foreign corporations, contributing significantly to the increase in IT exports and the resulting foreign exchange boom.

A substantial 357% boost in funding for the IT sector was suggested by the federal government earlier today, according to sources.

With Rs 6.28 billion designated for 15 new projects, the Ministry of IT has been given a development budget of Rs 27.43 billion.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Speaking to a press conference, Marriyum Aurangzeb says the PML-N government has restored the trust of investors.

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According to Marriyum Aurangzeb, senior Punjab minister, the PML-N government has won back the trust of investors by making strides in a number of areas, including agriculture.

Marriyum Aurangzeb, speaking at a press conference in Lahore, emphasized the Punjab government’s initiatives to bring about major changes in the province, particularly in Lahore.

Marriyum Aurangzeb stated that in order to guarantee sustainable growth, the master plan for Lahore has been completed, and plans of a similar nature are being worked on for other districts.

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