Pakistan’s software and IT sector is on the cusp of becoming the country’s third-largest export sector, with insiders projecting export earnings to hit a substantial $3 billion in the fiscal year 2023-24. This notable growth underscores the critical role of technology in propelling the nation’s economic development.
During the 12th Edition of the Bank of Future Forum (BOFF) 2023, Asif Peer, Managing Director, and CEO of Systems Limited, highlighted the impressive progress of Pakistan’s IT exports, foreseeing them reaching $3 billion in the current year. He also pointed out that Saudi Arabia and the UAE represent significant markets for Pakistan’s IT products.
This surge in IT exports solidifies the sector as the third-largest export earner for Pakistan, trailing only textiles and rice.
Peer underscored the profound impact of artificial intelligence (AI) on various sectors, particularly in enhancing security measures. He emphasized,
“Today, we are witnessing the emergence of industry Cloud platforms worldwide, while Pakistan is on the move towards a digital banking revolution. It is imperative for businesses and financial institutions to embrace this transformation and harness the power of artificial intelligence and innovative technology.”
Muhammad Aurangzeb, CEO and President of Habib Bank Limited, stressed the importance of digital inclusion in delivering faster, cost-effective, and improved services. While acknowledging the relatively slow pace of digitalization adoption in Pakistan, he emphasized that now is the time to accelerate technological advancements.
Aurangzeb also commended the State Bank of Pakistan (SBP)’s RAAST initiative, viewing it as a significant step toward achieving financial inclusion through digitalization.
Arif Ul Islam, Deputy CEO of Meezan Bank, highlighted the transformative role of innovation and technology in advancing the banking industry, benefiting both the banked and unbanked populations. These advancements have significantly contributed to strengthening the financial inclusion drive.
