Growth in Forex earnings and IT export potential

//Growth in Forex earnings and IT export potential

Growth in Forex earnings and IT export potential

The export of IT-related solutions and software offers a great potential for forex earning provided by some local companies who are putting hard efforts to obtain more bright jobs under the Business Processes Outsourcing.

The amount of forex exchange earnings with IT exports and related services has summed up to $306m in the first half of the financial year. Hence the officials of the Pakistan Software Export Board (PSEB) suggested that the target of $700m was possible to meet by increasing the export standards in the second half.

Fortunately, the IT-related exports & services and Forex exchange earnings are now being reported and recorded in a quite appropriate manner during the duration of July-December 2016.

Besides all the facts, the officials are trying to anticipate the huge export orders after the Mobile World Congress, recently held in Spain. There were many high profiles IT organizations like Pentaloop and Verscom Technologies which have exhibited their services developed completely, or in some part in Pakistan.

IT remittances coded by State Bank of Pakistan:

There were around $306m forex earnings, which were called IT remittances by PSEB; because they were actually originated from half a dozen sources coded by the State Bank of Pakistan.

These sources include:

  • Export of computer software
  • Software and hardware consultancy services
  • Maintenance and computer repairs
  • Other computer-related services
  • Call centers.

Current stats in IT exports sector:

According to the report, rising from the $20m at the start of the century to approximately $700m in the current financial year is not a bad result in the IT exports sector. The head of the country’s oldest software houses also said that the The potential is far larger, just very big. We need to tap it with more hard and honest work.”

Break down of IT exports in Pakistan Call center industry:

If we take a look at the break-down of all IT exports in the call center sector, then we will be very disappointed to view the lowest revenue generation through the call centers. That is quite bad for both our ethics and business efficiency.

Forex earnings from the call center industry have remained close to $20m a year. According to the historical data; “the actual call center earning records are extremely larger, even much higher than the mentioned amount. But as a matter of fact, the people who run these call centers are quite clever in under-reporting the actual income.”

On the other side, authorized sources have also revealed that the growth of the call center industry has been quite weaker in Pakistan as compared to other countries. Even our call center industry is very small if we compare it with that of India or the Philippines.

BPO revenue in the Philippines:

BPO revenue in the Philippines has rapidly reached $25 billion, which is even ten times higher than Pakistan’s total earning in IT industry forex revenue (also included domestic & foreign sales).

Steps were taken to mainstream IT sector and Pakistan Call center industry:

  • With the growing realization of mainstream our call center industry, the federal government has been taking several significant administrative measures with the help of PSEB in order to maintain smooth progress.
  • The SBP is also guiding many banks on accurate documentation in order to precede the BPO outlets.
  • Another favorable attribute is, the Federation of Pakistan Chambers of Commerce and Industry has also lent some more weight to their standing committee for call center and IT sectors by appointing the head Mr. Naseer Akhtar the chairman of P@sha.
  • PSEB has also initiated a motivated program offering training to all the young software developers of local organizations in CMMI (Capability, Maturity Model Integration) as it is the globally recognized standard for the overall software development

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2019-10-30T06:40:29+00:00 Blog|