ISLAMABAD, Oct 11: The Gulf Cooperation Council (GCC), the world’s third fastest growing IT sector, offers huge potential for Pakistan Information Technology industry, observes an official of Pakistan Software Export Board.

There would be major drives to step up IT exports to the GCC countries, the official said, adding “the Pakistan’s IT exports to the Gulf had been increasing over the years, but there is still considerable potential to boost software exports to this region”.

He said several IT companies of Pakistan had succeeded in making inroads in the fast growing IT market of the Middle East.

According to the official the Middle East and North Africa (MENA) IT market was set to grow from $6.9 billion in 2003 to $13.4 billion in 2008.

The UAE and Saudi Arabia are alone accounted for 77 per cent of the Gulf region’s current annual IT related spending of $4.94 billion, which is projected to increase to $5 billion this year, the official said.

According to a statement issued here on Thursday several Pakistani IT companies had developed successful business relations and had established their offices in Middle East.