ISLAMABAD, June 30: Pakistan’s IT exports reached $175 million during 2007-08, about $13 million more than the $162 million target set for the year.

“We are satisfied with the pace of progress of the local IT sector. It has registered a remarkable growth during the last five years,” said Pakistan Software Export Board (PSEB) Managing Director Talib Baloch here on Monday.

Pakistan’s IT exports of $116 million for the FY06-07 were also in excess to the set target of $108 million, he disclosed. The sector has consecutively registered 50 per cent annual growth in exports for the last five years showing its tremendous potential, he said, adding, if nurtured fully, the industry can yield voluminous economic and commercial benefits.

He said that the IT-related exports could have been over $220 million had there been no power crisis in the country.

“Longer load-shedding hours have adversely affected the productivity of many ICT companies. However, despite these odds, PSEB is hopeful to exceed the targeted volume of exports in the forthcoming years,” he added.

The IT industry has emerged as most promising sector in Pakistan. It was brining in substantial revenues and creating job opportunities, he said.

Information technology, he said, had been instrumental in the growth of various other industrial verticals, facilitating them with the technical capability and automating their processes, thus increasing their operating margins, the PSEB MD said.

The IT industry was progressing rapidly at more than 50 per cent for the last four years, with many local IT companies winning huge contracts from domestic and international markets, he said.

He said that Vopium, a Pakistani IT company, had recently gained venture capital fund worth $6.75 million from Enex Group SA, Luxembourg. The company’s software allowed saving of 40-90 per cent when making international calls or sending SMS from mobile phones.