Pakistan’s IT and IT-enabled Services (ITeS) exports are on track to break all previous records, reaching $3.142 billion in the first 10 months (July–April) of FY 2024–25, registering a 21% increase year-on-year. This growth signals strong global demand for Pakistan’s tech talent; however, experts point out that a vast segment of the country’s freelance workforce remains untapped, limiting the sector’s full potential.

Despite housing over 2.32 million freelancers, only 38,000 currently hold active bank accounts, which is considered a major hurdle in capturing remittances. Although around 500 new accounts are being opened weekly, the onboarding and retention of freelancers remain a challenge. Freelancers currently contribute around 15% of total IT exports, a figure that could surge significantly with better financial inclusion and policy support.

To address this, the State Bank of Pakistan (SBP) recently raised the foreign exchange retention limit to 50% or $5,000/month, up from 35%. Banks have also been directed to ease account opening procedures for IT professionals and freelancers.

The government now aims to boost annual IT exports from $3.2 billion in FY24 to $4.2 billion in FY25, but unlocking the full power of the freelance economy could push that number even higher.