As per the data released by the state bank of Pakistan, in February 2021, Pakistan’s technology exports increased by 69 percent over the same month the previous year, tech exports increased by 41% in the first eight months of the current fiscal year (July 2020-February 2021) compared to the same period last year.
Exports of technology services from Pakistan increased by 69 percent to $179 million in February 2021, compared to $106 million in February 2020. ICT exports increased 41% to $1.3 billion in the first eight months of the current fiscal year 2020-2021, putting them on track to achieve or exceed $2 billion this year.
Pakistan is witnessing double-digit growth in engineering products exports, up 19.74 percent in the first eight months of the current fiscal year, in addition to a jump in tech services exports. Electric fans saw a 15 percent increase in exports, while other electrical equipment saw a 17.16 percent increase.
If current trends in tech services and engineering products can be maintained, Pakistan has a real chance to significantly increase its higher value-added exports. Pakistan will become the next Asian Asian Tiger economy if it seizes the opportunity to attract export-oriented investors. It will assist the country in avoiding recurring balance-of-payments crises that have forced the country to pursue IMF bailouts with all of their stringent requirements. To achieve this goal, a focus on “plug and play” Special Economic Zones (SEZs) will be necessary.