Karachi August 19 2024: Pakistan’s technology export remittances soared to USD 286 million in July 2024, reflecting a significant 33.4 percent growth compared to USD 214 million in the same month last year.
However, share prices in the technology sector faced downward pressure on Monday due to concerns about potential export losses linked to a slowdown in internet speed.
On a month-to-month basis, ICT services export remittances dropped by USD 12 million, showing a 4 percent decline from June 2024 to July 2024.
The Ministry of IT and Telecommunication, together with the Pakistan Software Export Board (PSEB) and in collaboration with the Special Investment Facilitation Council (SIFC), has played a crucial role in boosting international business development and enhancing the ease of doing business.
Pakistan’s economy risks losing up to USD 300 million due to internet disruptions caused by the implementation of a national firewall, the Pakistan Software Houses Association (P@SHA) warned in a press release on Thursday.
Ali Ihsan, senior vice chairman of P@SHA, stated that the firewall’s implementation has already led to prolonged internet outages and erratic VPN performance, posing a severe threat to business continuity.
“These disruptions are not just minor inconveniences but a direct, substantial, and aggressive threat to the industry’s sustainability—causing estimated financial losses of USD 300 million, which could escalate even further,” he said in the statement.
