Finance Minister Senator Muhammad Aurangzeb emphasized the need for a collaborative approach, consistent policies, and targeted reforms to unlock the full potential of Pakistan's Information Technology sector. He made these remarks while chairing a high-level meeting of the Prime Minister’s Committee on IT Export Remittances in Islamabad.

Highlighting the IT sector's pivotal role in economic growth, the Finance Minister noted its potential as a major source of foreign exchange through export remittances. The meeting addressed key challenges and opportunities in the sector, focusing on improving the ease of capital movement to enhance IT export remittances.

The discussion pointed out that while IT exports are growing, a significant portion of the revenue remains unremitted. Simplifying procedures, ensuring consistent tax exemptions for freelancers, and addressing classification issues for remote workers and small IT firms were highlighted as necessary steps to foster a favorable business environment.

It was revealed that Pakistan hosts 2.32 million freelancers who contribute 15% to IT exports. However, only 38,000 freelancers currently hold bank accounts. According to the State Bank of Pakistan (SBP), 500 new accounts are being opened weekly. Retaining these account holders and encouraging others to open accounts were identified as critical for increasing remittances.

The Governor of the State Bank of Pakistan briefed the meeting on ongoing efforts to address these challenges, including streamlining account opening processes, launching awareness campaigns, and improving complaint resolution mechanisms.

Reaffirming the government's commitment to supporting the IT sector, Senator Aurangzeb urged all stakeholders to work together to overcome challenges and establish Pakistan as a competitive player in the global IT industry.