Exporters decry lack of support.
KARACHI -- The information technology industry of Pakistan appears frustrated as it needs state assistance to help the struggling IT companies to grow their exports.
It regrets that the two key government institutions, the State Bank of Pakistan (SBP) and the Federal Board of Revenue (FBR), have not yet come up with supportive policies for the emerging industry.
In a statement, Pakistan Software Houses Association (P@SHA) Chairman Zohaib Khan expressed his profound concern that despite full support of Prime Minister Shehbaz Sharif, the SBP and the FBR were not backing the initiatives for IT exports.
In an indication of deep interest in promoting the IT industry, the PM himself is heading a high-level committee on digital economy and has made the P@SHA chairman part of it.
Khan pointed out that the PM had told the central bank to make sure that commercial banks allowed IT exporters the retention of 35% foreign currency earnings in a special foreign currency account. 'This facility is aimed at stopping banks from exercising discretionary powers, however, they have made the facility mandatory, even if companies do not want to keep forex.'
It created panic in the industry once again as it was concerned about policy uncertainty, he decried.
Besides, the SBP has set a deadline of March 31, 2023 for the facility which, Khan said, was too short for its implementation and adoption.
He...
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