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Wednesday, September 27, 2023

Pakistani company lands $3.2m IT order from Japanese corporation

According to the statistics of PSEB and JETRO, the order was one of the largest direct orders of a Japanese corporation to Pakistan in the field of information technology.

Bears Inc. a Japanese company, building high-tech platform to expand its global services, announced to award orders to Saffran Group company for creation of Information Technology platform for real estate.

The total cost of product development would be JPY 350 million (US$ 3.2 million) out of which a JPY 130 million worth of work and investment road map has already been developed.

Pakistan ambassador in Japan Imtiaz Ahmad held a meeting with President, Bears Real Estate Co., Ltd. Michiyoshi Takuma, and CEO, Saffran Group Mirza Asif Baig in this regard, a press release on Monday said.

Read more: Fintech revolution at Pakistan’s doorstep – do you know what it is?

The ambassador congratulated Bears Inc. Japan and Saffran Group for this project and assured full cooperation of the embassy and the government of Pakistan for successful completion of the endeavour.

“We are happy that Bears Inc. Japan has chosen Saffran Group from Pakistan for this product, which will be completed by high-tech IT experts in Pakistan,” a press release on Monday quoted the ambassador as saying.

According to the statistics of Pakistan Software Export Board (PSEB) and JETRO, this order was one of the largest direct orders of a Japanese corporation to Pakistan in the field of information technology.

This would encourage other Japanese companies to consider Pakistan to source IT solutions in various areas from Pakistan.

It would also encourage other Pakistani technology companies to explore opportunities to provide IT services to Japanese companies.

IT and (ITeS) export remittances

Compared to $1.053 billion during the same period of FY 2019-20, The IT and IT-enabled Services (ITeS) export remittances which include computer services and call center services have risen to $1.5 billion at a 44 percent growth rate in the first nine months of FY 2020-21 (July-March).

The export remittances from the IT sector saw a 58 percent growth and stood at $213 million in March 2021 compared $135 million in March 2020.

According to Federal Minister, IT and Telecommunication Syed Aminul Haque, the government was taking every possible measure to ensure long-term IT industry growth trajectory and to increase IT industry exports to $5 billion by 2023.

Read more: Pakistan becomes the leader of manpower export in 2020 in the region

The government has set a target of $5 billion for export remittances through information technology and IT-enabled services during the next three years.

According to sources, Pakistan is providing IT products and services to entities in over 100 countries.

APP with additional input by GVS News Desk