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Saturday, June 8, 2024

Freelancers winning the marathon!

Self-employed people received over $400 million in export remittances in fiscal year 2021-22 by providing various services online to international clients in various countries.

In fiscal year 2022, Pakistani freelancers received over $400 million in export remittances by providing various services online to international clients in various countries. The number of Pakistani freelancers has increased dramatically in the year 2020, rising from 4 percent in 2018 to 42 percent in 2019 and eventually 48 percent in 2020-2021, solidifying Pakistan’s place as number 4 in the top freelancing countries ranking for 2021.

As a result, experts recommend training the youth about this industry in order to boost growth in the tech-enabled gig market. Freelancing is among the most rewarding things you can do. It entails a great deal of freedom, individuality, and choice over one’s future. Pakistan has huge potential when it comes to freelance services considering that 70 percent of the total population is under the age of 30.

Read more: Why freelancing is the best way to beat unemployment?

According to official data issued by the Ministry of IT and Telecommunication (MoITT), remittance inflows were $397.328 million in the fiscal year, up from $396.243 million in the previous fiscal year 2020-21. This was a 2.74 percent year-on-year increase.

The share of freelancers amounted for 14.77 percent of the country’s total information and communication technology (ICT) export remittances of $2.616 billion in FY22.

Upon witnessing remarkable contribution of freelancers to attract export remittances despite of the issues and challenges faced by the fraternity, experts emphasized the importance of upgrading the education system to achieve further growth.

In order to encourage freelance work, the youth should be instructed and given proper guidance through vocational training and other technical courses.

Moreover, payment issues should also be resolved to help freelancers and save them from illegal payment channels.

IT service export remittances fell to $265 million in fiscal year 2022, from $363 million in fiscal year 2021. Web development, logo design, graphic design, mobile app developers, and java developers are examples of IT services.

However, the export remittances from non-IT services surged to $131 million in FY 22 from $33 million reported in FY 21. Content writing, translation, virtual assistantship, sales, marketing, account, finance, and customer service are the major areas of non-IT freelance services.

Read more: HBL teams up with PAFLA to empower Pakistan’s freelance industry

In an effort to promote freelancing, Habib Bank Limited (HBL) has entered into a strategic alliance with Pakistan Freelancers Association (PAFLA), a non-profit organization founded to empower Pakistani freelancers. The partnership will enable the freelancing individuals and start-ups to become part of the banking segment through HBL’s Freelancer Digital Current Account & Solutions.