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Pakistan receives $2.5 billion from the export of IT services.

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According to the Pakistan Bureau of Statistics (PBS), this indicates a gain of 20.41 percent when compared to the US $2.135 billion received through the provision of services during the corresponding months of the previous fiscal year 2022–2023–23.

From US $1.729 billion in July of last year to US $2.153 billion in July through April of 2023–24, the export increased by 24.55% over the reviewing months.

The export of computer services saw a rise of 10.80% in software consultation services, from US$ 633.107 million to US$ 701.456 million this year, and a 19.24% growth in hardware consultancy services, from US$ 4.793 million to US$ 5.715 million.

Nonetheless, the export of maintenance and repair services fell by 45.69%, from US $2.762 million to US $1.500 million, while the import and export of computer software services increased by 6.77 percent, from $489.737 million to $522.909 million.

At the same time, the export increased by 105.90% from US $4.240 million to US $8.730 million during the review months.

The information services had a 167.58% growth in news agency services exports from US $2.505 million to US $6.730 million, while other information-related services saw a 16.83% increase from US $1.735 million to US $2.027 million.

From US $402.260 million to US $430.590 million, the export of telecommunication services climbed by 7.04 percent, according to the numbers.

In terms of telecommunication, the PBS data showed that the export of call centre services rose by 17.59 percent over the course of the month, from US $180.682 million to US $212.467 million. In contrast, the export of other telecommunications saw a 1.56 percent decline this year, from US $221.578 million to US $218.123 million.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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