HomeDiplomatic NewsAmbassadorsPakistani companies showcase potential at Japan IT Week

Pakistani companies showcase potential at Japan IT Week

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Tokyo, 27 April 2024 (TDI): Pakistan’s Ambassador to Japan Raza Bashir Tarar on the closing day of Japan IT Week said that Pakistani companies have participated very strongly in the competition which showcased the enormous potential of the IT industry of Pakistan.

On the concluding day of Japan IT Week, Ambassador of Pakistan Raza Tarar mentioned that the country’s premier exhibition showcasing system development, operation, and maintenance, was hosted at Tokyo Big Sight.

Pakistani IT services market is expected to grow to 3.10 billion US Dollars in 2024. In the end, he highlighted that cooperation between the two countries will help explore the hidden potential in the unexplored IT market.

Japan IT Week Spring, slated to be the biggest IT exhibition in Japan, held from April 24 to 26, 2024 in Tokyo. Twelve shows encompassed various enterprise IT sectors.

The participation of Pakistani IT industries in this exhibition is evidence of the increasing interest of the Pakistani government in the IT industry. The IT industry of Pakistan has gained the special attention of the government of Pakistan as compared to the past years.

Also Read: Japan, Pakistan emphasize to deepen mutually beneficial ties

Pakistan’s growing IT exports

Pakistan’s IT exports rose 17% and reached $303 million in December 2023 against exports of $259 million in November, according to the country’s IT experts. Freelancers continued to make inroads into international markets bringing a big deal of revenue to the country.

IT exports in Pakistan have seen a significant increase in recent years, attributed to the State Bank of Pakistan (SBP) relaxing the retention limit from 35% to 50% for exporters’ specialized foreign currency accounts.

This, coupled with a stable Pakistani currency, has incentivized IT companies to repatriate their foreign income and deposit it in local accounts.

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