The Ministry of Information Technology and Telecommunication’s economic survey report 2023-24 indicates how rapidly expanding the Telecom Sector is. According to the publication, investment has grown at a three times pace reaching 5.57 billion dollars in five years.
Upwards trend in Investment within the Telecoms Sector
This report examines how investments are being made in this industry. For example, during FY2019-20, the telecoms sector saw an investment worth Rs225bn ($1.4bn). Next year, it rose to Rs325bn, finally finishing at Rs340 bn for the 2022-23 financial year.
Positive Internet Usage Growth
One of the main takeaways from the economic survey is positive growth figures regarding internet usage within telecoms. Mobile phone user numbers have soared past 190 million as smartphones become more prevalent and accessibility to internet services improves greatly across Pakistan.
Increase in Local Production of Mobile Devices
Furthermore, the report reveals a commendable increase in the local production of mobile devices. In 2023 alone, over 21.3 million cell phones were manufactured locally, a critical achievement in the country’s efforts to build confidence in innovation.
Rising Internet Usage Rate
Internet adoption is rising at a rapid pace. In fact, the rate of internet use has surged by 54.97%. This shows that many more individuals are now connected digitally than ever before.
Remittances from IT services export
Additionally, money sent abroad as payment for work done in the technology industry has increased significantly over recent years. This demonstrates just how much this sector contributes to national economies worldwide. Numbers reached $306m by March 2024 – an increase of 36% from last year alone!
Growth continues
The findings also highlight how important telecoms can be for economic development and inclusion within Pakistan’s society. These results imply that even with sustained investment, technological improvements, strong regulation, etc., vast untapped potential remains across all sectors, which should lead to further expansion and innovation throughout our digital landscape.
