PRESENTED BYPAKISTAN SOFTWARE EXPORT BOARD (PSEB)
PAKISTAN’S IT INDUSTRYPROFILE & STRATEGY
2
PRESENTATION ROADMAP
Global IT Industry Overview
Pakistan Economic Success Story
Pakistan IT Industry Profile
Strategic Framework
3
GLOBAL IT INDUSTRY OVERVIEW
“Since the technology bubble burst in 2000 growth in IT Services,which picked back up in 2003, has remained robust with higher growthin the Offshore Outsourcing component“
4
GLOBAL IT SERVICES INDUSTRY OVERVIEW
IT INDUSTRY GROWTH
Year Growth
(US $ Tril.)
Rate
2004 1.045 5.6
2005 1.103 5.6
2006 1.165 5.6
2007 1.238 6.3
2008 1.312 6.3
2009 1.394 6.3
2010 1.481 6.3
IT INDUSTRY GROWTH
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2004 2005 2006 2007 2008 2009 2010
Tri
llio
ns
Source: “IDC Press Release” 10th Jan. 2007
5
GLOBAL IT INDUSTRY OVERVIEW
SERVICES GROWTH
0
100
200
300
400
500
600
700
800
900
Billions
2004 2005 2006 2007 2008 2009 2010
IT SW & ServicesITES
Source: “Worldwide and US BPO” 2004-08-IDC 2004 “Bearing Point Report” 2005
6
GLOBAL IT INDUSTRY OVERVIEW
GLOBAL IT OUTSOURCING
0
20
40
60
80
100
120
140
2004 2005 2006 2007 2008 2009 2010
Billions
Source: “IDC-Global IT Economic Outlook” 2004
7
ITPS GLOBAL MARKET SIZE
BPO 43%
IT Services & Software 57%IT Services & Software 27%
BPO 27%IT Services & Software
5%
BPO 3%
Total Global Spending Total Outsource able Actually being 0ffshored
US $ 1.045 Trillion US$ 280 Billion US$ 40 Billion
Source: “Strategy for Increasing Exports of BPO” Bearing Point Report 2005
8
GLOBAL IT INDUSTRY OVERVIEW
US IT OUTSOURCING SPENDING
Source: “Worldwide and US IT Outsourcing Services” IDC Report 2004
1 Manufacturing
2 Banking
3 Government
4 Finance
5 Processes
6 Media
7 Retail
8 Services
9 Utilities
10 Healthcare
11 Transport
12 Insurance
13 Wholesale
14 Education
15 Industries
16 Construction
U.S. IS Outsourcing Spending Share by Vertical Industry
0
2
4
6
8
10
12
14
16
18
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
% age
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BPO SERVICES SHARE
GLOBAL IT INDUSTRY OVERVIEW
KEY HORIZONTAL BUSINESS FUNCTIONS
2002$(M)
2003$(M)
2004$(M)
2005$(M)
2006$(M)
2007$(M)
2008$(M)
2003-2008CAGR (%)
Human Resources 8 9 11 13 16 19 22 20
Procurement 1 1 2 2 3 4 6 34
Finance & Accounting 13 14 15 16 18 20 22 10
Customer Care 37 40 45 50 57 64 72 12
Logistics 155 166 182 200 226 255 288 12
Engineering 6 7 12 19 24 30 37 37
Sales & Marketing 126 136 147 158 168 176 183 6
Facility Operations and Management 26 27 29 31 33 35 38 7
Training 837 22 3 5 7 8 10 39
Total 375 405 447 497 554 614 682 11
Source: “IDC-Market Opportunities by Horizontal Business Functions” 2004
10
GLOBAL IT INDUSTRY OVERVIEW
BPO MARKET SHARE
60%22%
18%
USA
W. Europe
Asia Pacific
Source: “Gartner- Press Release” 2006
11
GLOBAL IT INDUSTRY OVERVIEW
IT OUTSOURCING SUPPLIERS (USD 40 BILLION)
0.9
0.5
1.8
1.9
4.7
12.6
17.2 India
Canada
China
Eastern Europe
Philippines
Mexico
Others
Source: “Strategy for Increasing Exports of BPO” Bearing Point Report 2005
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PAKISTAN ECONOMIC SUCCESS STORY
“Pakistan’s economic resurgence is based on strong fundamentals and is receiving international acclaim… ”
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ECONOMIC SUCCESS STORY
One of the fastest growing economies in the world• Doubling of GDP between 1999 and 2006• Graduation to Middle Income Country • 8.4% growth in 2005 was 2nd highest in the world• 7% growth in 2006
Over 1000% growth in Foreign Direct Investment from USD 300 mil in 1999 to USD 3 billion in 2006
• Multi-billion dollar real estate investments by leading international developers like Emaar, Al Ghurair, and Tamimi in hotel and residential projects• Tremendous investments and growth in Telecom, IT, Real Estate, Electronic Media, Oil & Gas, Automobiles, Manufacturing and Finance
Over 400% growth in remittances from expatriates abroad from USD 1 billion in 1999 to USD 4 billion in 2005
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ECONOMIC SUCCESS STORY
• Over 40 time increase in foreign exchange reserves between 1999 and 2006 to USD 12.5 billion
• Doubling of exports in same period to USD 17 billion in 2006
• A two and a half time reduction in external debt and liabilities ratio to total foreign exchange earnings to a healthy 137%
• Increase in Government revenue collection of 130% in same period to USD 11.7 billion with broadening of tax base
• Debt to GDP ratio of healthy 59% with a legal limit set at 60%
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ECONOMIC SUCCESS STORY
•Moody’s B+ rating and Standard and Poor BB rating.
• Over 1000% increase in stock index over same period making it one of the best performing exchanges in the world
• Over-subscribed international offerings of dollar, euro and Islamic Bonds at only 2% above US Government rates
• Free market rupee exchange rate hovering at PKR 60 for USD 1 for last four years
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ECONOMIC SUCCESS STORY
• One of the largest educated, English-speaking workforces in the World with overall population of 160 million
• A supportive, forward-looking Government
• Proximity to Middle Eastern, Central and South Asian markets
• UBS Warburg, 2006 “Pakistan has arrived”
• Lehman Brothers, 2006 “Best IT outsourcing fundamentals”
• IDC, 2006 “Surprising new home of offshore outsourcing”
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PAKISTAN IT INDUSTRY PROFILE
“ Starting from a relatively low base in 2003, the Pakistan IT Industry has experienced rapid growth over the last three years … ”
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PAKISTAN IT INDUSTRY PROFILEOVERVIEW
Fifty percent annual growth reported by SBP Over 950 active IT companies Over 125 ISO & CMM certified companies – a world leader Seven MNC Development Centers and many more projects Three Public Companies; Several World Class Product
Companies Two billion dollar industry, including one billion dollars of
exports IDC: “Surprising new home of offshore outsourcing in South
Asia.”Lehman Brothers: “Best IT fundamentals of any offshore outsourcing country.”
PSEB re-engineered website (www.pseb.org.pk) receiving 1 million hits a month, 70% from overseas
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INTERNET CONNECTIVITY
MAP
Transworld Associates, 2006
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IT COMPANIES BY LOCATIONPAKISTAN IT INDUSTRY PROFILE
Source: “PSEB National Census of IT Companies”, 2006
S.No. City Figure Percentage (%)
1 Islamabad/Rawalpindi 307 33
2 Lahore 290 28
3 Karachi 344 38
4 Others 13 1
TOTAL 954
Karachi38%
Other Cities
1%
Lahore28%
Islamabad/Rawalpindi33%
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CALL CENTERS STATISTICSPAKISTAN IT INDUSTRY PROFILE
PSEB Registered Call Centers by cityCall Centers Share in Total Revenue
Source: “PSEB National Census 2006” “Bearing Point Strategy for Increasing Exports of BPO” September 20, 2005
Call Center
26%
IT and Software
60%
Other ITeS14%
Islamabad/Rawalpindi“79”
Karachi“131”
Lahore“112”
Other Cities“8”
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PAKISTAN IT INDUSTRY PROFILE IT EXPORTS BY REGIONS
Source: “SBP” Jul-Dec 2006
USA
UK
THAILAND
UAE
CANADA
CHINA
JAPAN
HONGKONG
GERMANY
AUSTRALIA
SINGAPORE
OTHER
USA 58%
UK 9%
Others 16%
Thailand 4%
UAE 3%
Canada 2%China 2%
Japan 2%
Hong Kong 1%
Germany 1%
Australia 1%
Singapore 1%
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PAKISTAN IT INDUSTRY PROFILE GROWTH OF KEY COMPANIES
0
10000
20000
30000
40000
50000
60000
70000
80000
NCR IBM ZTE NetSol TouchStone TRG LMKR
Office Space (sq ft) 2003 Office Space (Sq ft) 2006
Between 2003-06 these seven sample IT companies grew by over 400 %
Source: “PSEB Survey” 2005
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PAKISTAN IT INDUSTRY PROFILE TOP 10 EXPORTERS FY 05-06
Xavor Pakistan Pvt Ltd10
Enterprise DB9
Geopaq Tech. (Pvt.)8
Trivor Software7
Descon IT24 Pvt Ltd6
Elixir Technologies5
System Pvt Ltd4
TRG Pvt Ltd3
Ovex Technologies2
Netsol Technologies1
Rank Companies
Pakistan (State Bank Figures)
Source: “SBP”, “PSEB”, “Bearing Point Study” September 20, 2005
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PAKISTAN IT INDUSTRY PROFILE
MULTINATIONAL DEVELOPMENT CENTERS & PROJECTS
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PAKISTAN IT INDUSTRY PROFILE
MULTINATIONAL DEVELOPMENT CENTERS & PROJECTS
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PAKISTAN IT INDUSTRY PROFILE WORLD CLASS COMPANIES
TELECOMWavetech: Large display systems in public
placesInov8: Leading mobile transaction
management platformMobile complete: mobile testing suitePixsense: Mobile Photos
JOB PORTALSRozee.com.pk: Online recruitment solutions
DOCUMENT MANAGEMENTeDox: Superior document management and
office automation solution with over 150 international customers
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PAKISTAN IT INDUSTRY PROFILE WORLD CLASS COMPANIES
PERSONAL PRODUCTIVITY Scrybe: Leading Web based email and calendaring solution
RETAIL ITIM: Fast growing retail solution with over
50 UK customers
SOCIAL NETWORKING Naseeb.com: Muslim social networking portal
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PAKISTAN IT INDUSTRY PROFILE WORLD CLASS COMPANIES
FINANCEMixit: Stock Market Order Management, NYSE, USD 0.5 Bil per yearNetSol: Car Leasing and Services. Daimler Chrysler, Toyota, BMWSystems Limited: Mortgage Lien processing software has leading share of the US market)Autosoft: Retail banking Solution running in three countries Metalbid.com: world leading metal exchangeTPS: e-payment and e-banking (Customers: Al Bilad KSA, CBK, BoK, ESB, UBL Kuwait, 1Link, Allied Bank)
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PAKISTAN IT INDUSTRY PROFILE WORLD CLASS COMPANIES
HEALTHCARETSG: Leading medium size hospital data warehouse; 200 customers in USA Cure MD: Leading web based HIPAA complaint healthcare system
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PAKISTAN IT INDUSTRY PROFILE
WORLD CLASS COMPANIES
ENTERPRISE COMPUTINGUltimus: Business Process Management. 160 international customers including Microsoft & White HouseFive Rivers Technologies: Clear Cube Partner and world leader in fast growing field of centralized computing.
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PAKISTAN IT INDUSTRY PROFILE WORLD CLASS COMPANIES
SOFTWARE SERVICESCube XS: Level 4 Data Center for AT&T Visualsoft: Hardware and software system integrationKalsoft: Advanced infrastructure design and implementationAverox: Enterprise client/server based solutionSi3: System Integration solution providersTechlogix: Business process improvement solutionsTechaccess: Enterprise management solutionsSystems Ltd: IT and BPO servicesPi Sigma Group: Consulting and software developmentComcept: Innovative telecom solution provider
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PAKISTAN IT INDUSTRY PROFILE WORLD CLASS COMPANIES
IT ENABLED SERVICESPost Amazers: Animation. “Son of Mask” and “Exorcist : The Sequel”LMKR: Seismological and Geological Data Management. BP, CALTEX, TEXACO. iEngineering: Platform Management. Most comprehensive database in the worldTouchstone BPO, Ovex, Infospan, TRG, IT24: IT enabled services/Call Centers
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PAKISTAN IT INDUSTRY PROFILE EXPORT OF IT SERVICES
Source: “Pakistan’s IT Revenue grossly understated” V1.4, PSEB, 31/08/2006
Mode IT Exports
1. Cross Border USD 150 million
2. Consumption Abroad USD 200 million(Average USD 250,000 expenditure by over 800 entities)
3. Commercial Presence Abroad USD 450 million
4. Temporary Movement USD 250 million (At least 5000 workers earning at least USD 50,000 per year on average)
Grand Total USD 1,050 million
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PAKISTAN IT INDUSTRY PROFILE LOCAL INDUSTRY REVENUE
Area Revenue FY 05-06
PC/Laptops/Servers
1,000,000 new and used CPU@ USD 600 per CPU
USD 600 million
Peripherals – 1/3 of Computer Sales USD 200 million
International Software Vendors USD 150 million
IT Services
Software and services, IT enabled services, (Other than sales to Multinationals, Multilaterals, and Foreign Missions)
USD 200 million
Total Domestic IT Revenue USD 1,150 million
Source: “PSEB” and “Bearing Point” 2005-2006
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TOTAL INDUSTRY SIZE
PAKISTAN IT INDUSTRY PROFILE
Export of IT Services Local IT Industry
Revenue
Total Industry
Size
USD 1,050 Million USD 1,150 Million USD 2.2 Billion
Source: “Pakistan’s IT Revenue grossly understated” V1.4, PSEB, 31/08/2006
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PAKISTAN IT INDUSTRY PROFILE COMPARISON WITH INDIA, 30th June
2005
Country Estimated Global IT Revenue
IT Personnel Internet Bandwidth
Usage
Pakistan USD 2 billion 75,0001 600 MBS2
India USD 36 billion3 965,2504 6.21 GBS5
Ratio 1:18 1:12.87 1:10.35
Source: 1. PSEB Study “Assessment of IT Professionals in Pakistan” – 2005
2. “PSEB Domestic Business Department” 3. “NASSCOM” 2006
4. “NASSCOM 2006” 5. “NASSCOM Strategic Review”, 2004, p 207
38Pakistani labor is cheaper than India.
Total Price in Market
42,927 6,179 4,500
8,571 1,000 800
1,500 2,328 2,000
2,600 847 700
3,000 1,500 1,000
58,598 11,854 9,000
0% 100-200% 100-200%
Personnel
G&A Expense
Telecom
Property Rentals
Depreciation
Total Expenses
Markup
USA India Pakistan
58,598 23,708 to 35,562
18,000 to 27,000
Source: The Buying Triangle, LLC, 2006
OPERATING COSTS IN US, INDIA & PAKISTAN
US$ Cost per FTE(Full Time Employee)
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STRATEGIC FRAMEWORK
“While the Pakistan IT Industry has made impressive strides over the lastthree years, sustaining the growth will require sustained measures that are part of an integrated strategic framework …”
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STRATEGIC FRAMEWORK
INTERNATIONAL BEST PRACTICES & LESSONS LEARNT
1950 MANPOWER MARKETING
1990 DEVELOPMENT AND COMMUNICATION COSTS FALL BY SEVERAL ORDERS OF MAGNITUDE MAKING LARGE SCALE OFFSHORE IT ECONOMICALLY FEASABLE AND CAUSING DEMAND TO SURGE
1980 FUNDING MANAGEMENT
2000 MANPOWER
2003 MANAGEMENT
2000 SIZE, DOMAIN, TECHNOLOGY, COUNTRY IMAGE
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Area Telecom Industry IT industry
Market Controlled, Domestic, Oligopolistic
High Profile
International, Highly Competitive
Under the Radar Screen
Human Capital High Margin, Capital intensive business that can afford expensive manpower
Small, Manpower intensive companies that cannot afford high priced manpower
Office Space High rents affordable High rents not affordable
Telecom Bandwidth n.a. Quality major problem. Cost also problem
Finance Multiple sources Only VC
Public Policy Deregulation policy major challenge and success
Intellectual Property Protection, Convergence, and Taxes & Tariff equal challenge
IT & TELECOM INDUSTRY COMPARISON
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0
10
20
30
40
50
60
70
80
90
Telecom Bandwidth
IT enabled Office Space
Human Capital
Marketing/Country Image
Availability of Finance
Company Capability Development
Public Policy
Facilitation
Strategy & Research
Other
IT INDUSTRY FEEDBACK
IT Industry feedback was conducted with the collaboration of Top IT Companies inIslamabad, Lahore & Karachi. The scale of 0-90 shows the importance of the area of concern.The colored bars represent the areas of concern.
Areas of Concern
No. of Companies
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STRATEGIC FRAMEWORKDirect Drivers:
Office Space HR MarketingTelecommunications Bandwidth
Finance Promote innovation, rapid growth and support the Strategy
Company Capability Development Employ certifications as a “rite of passage”
Policy Legislation that promotes and protects the IT industry
Facilitation Grease the wheels of private enterprise
Internal Strategy, Systems, Culture
Strategy & Research Research on the IT Industry
Indirect Drivers:
Provide Reliable bandwidth of sufficient capacity in quick time
Provide Quality IT-Oriented Office Space at affordable rates in sufficient quantities and in quick time
Provide adequate quality manpower in sufficient quantities with acceptable attrition, in quick time
Sustained dominance of niches; Bring development house or call centre of large technology or other MNC to Pakistan
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STRATEGIC FRAMEWORK
STRATEGY & RESEARCHCurrent Profile
• Pakistan IT Industry Size Study, National Census of IT Companies, Strategic Framework for IT Industry Development, Others
• Committee formed (SBP, MoIT, Statistics, EAD, PSEB) to gather statistics
Target – 2010
Accurate and current industry data, clear strategy, effective implementation
Next Steps
• Gartner Study
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STRATEGIC FRAMEWORK
Current Profile
• PSEB has developed methodology for launch of VC Fund based on interaction with several international VC, domestic financiers, and Grant Thornton study
VENTURE CAPITAL FUND & ENTREPRENEURSHIP DEVELOPMENT
Next Steps
• Meeting of PM with Limited Partners• Center for screening business plans and forwarding to financiers, creating entrepreneurial culture, and supporting M&A and IPO
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STRATEGIC FRAMEWORK
IT PARKS
Current Profile
• PSEB operates 750,000 square feet in 11 STP
Proposed IT Parks
- Transparency through Inclusivity, Publicity and Objectivity- BOT (Nationwide Census of IT Companies, National Assessment of Public Land, Three City Survey of IT Company Location Preferences)- Due Diligence (International Parks & Domestic Projects)- Market Teasers- Retention of top consultants
Next Steps
• CAA land in Karachi and Lahore
47
STRATEGIC FRAMEWORK
Current Profile
• Reengineered Website now receiving one million hits monthly
• Monthly bulletins with subscription of 5000
MARKETING & PRPR, Sales Pipeline, Matchmaking
• Sales Pipeline for GLOBAL 2000/MNC Development Centers
• Joint Action Plans (JAC)/MOU: Malaysia, China, and Turkey. Singapore and Mauritius in pipeline.
• Over one hundred and fifty PR Events and Artifacts
• Tradeshows: Last year PSEB sponsored fifty one companies in nine international tradeshows and delegations and four domestic events.
• Customer Events & Leads Passing
48
STRATEGIC FRAMEWORK PUBLIC POLICY
Current Profile• Removal of GST on computers (Malaysia MMSC 100% Corporate Tax Free and duty free, Turkey Technoparks Corporate and Personal Tax Free, India STP Duty Free Imports and reimbursement of sales Tax, Vietnam Tech parks no import tax, no VAT and 10% Corporate Tax
Taxes & Tariffs, Convergence, IPR
• Convergence: Facilitation of Cogilent CEO release • Working with PTA and PTCL to reduce BW cost and improve quality.
• Data Confidentiality Act
Next Steps• MoIT/PSEB to be consulted on all proposed legislation impacting IT including that tabled by organizations like CBR .
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STRATEGIC FRAMEWORK
HUMAN RESOURCE DEVELOPMENT
Current Profile
• Currently 90,000 IT graduates. Need 230,000 by 2010.
• Strategy to increase Tier One institution output, improve Tier Two institution quality, and expand professional training
• Academic Programs >> Internship >> Apprenticeship >> Professional Training
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STRATEGIC FRAMEWORK
Current Profile
• Visa processing, Software NOC
• Open Source: 11 migrations saving PKR 35 million;700 trainees; translation of instruction kit into Bhasa
• ERP: Launching with BSF
• Industry associations (PASHA, OPEN, APSENA, TIE, ACCO, CSP, PCA, and ISPAK)
FACILITATION
Regulatory Facilitation & Targeted Interventions
Establishment of a Visa Handling Desk in MoFA for expediency in handling IT company visas; similar expediency for issuance of work permits by BOI.
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STRATEGIC FRAMEWORK
COMPANY CAPACITY DEVELOPMENT
Current Profile
• Under PSEB sponsored program over 110 ISO certified companies, and over 20 CMMi certified companies (by 1H07) making Pakistan a world leader.
Target – 2010
Over 300 ISO 9000, CMMi, Six Sigma, ITIL, OPM3, and ISO 27001 certified companies
Next Steps
• ISO 27001
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STRATEGIC FRAMEWORK
INTERNAL
Current Profile
• Over 40% attrition rate owing to non-competitive salaries.
Next Steps
• ISO Certification, ERP, ECM
• Have requested 280% Funding Increase amounting to USD 1.63 million
Target – 2010
Best management practices, automated, ISO 9001 and ISO 27001 certified.Market competitive salaries and 45 Additional positions
53
EXPERT ENDORESMENTS OF FRAMEWORK
• Professor Wong Poh Kam, Director of the Entrepreneurship Center National University of Singapore
• Dr. Robert Firth, Director Institute of Systems Sciences National University of Singapore
• Professor Ken Morse, Managing Director, MIT Entrepreneurship Center
54
48%
55%59%
66% 67% 67% 67%
33% 33% 33% 33% 33% 33% 33%
0%
10%
20%
30%
40%
50%
60%
70%
80%
2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10Year
Per
cen
tag
e G
row
th
IT Export Revenue Growth Rate (%) IT Domestic Revenue Growth Rate (%)
PAKISTAN IT INDUSTRY PROFILE
GROWTH PERCENTAGE 2003-2010
55
IT REVENUE GROWTH
Domestic Revenue
Global Export Sales
Export Revenue (Estimated)
Export Revenue (State Bank)
Source: “Strategy for Increasing Exports of BPO” Bearing Point Report 2005
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
US
D i
n M
illi
on
s
2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10
Fiscal Year
56
IT INDUSTRY PROJECTIONSCategories 05-06 06-07 07-08 08-09 09-10
Export Revenue (SBP) in USD Millions 75 120 198 330 550
Export Revenue in USD Millions 150 239 396 660 1,100
Export Revenue Global in USD Millions 1,000 1,250 1,584 2,640 4,400
Domestic Revenue in USD Millions 1,000 1,862 2,476 3,294 4,381
Total IT Revenue in USD Millions
2,000
3,112
4,060
5,934
8,781
IT Graduates working in the Economy
90,000
110,319
138,388
178,046
235,459
Total HR working in IT industry
52,500
74,729
127,756
177,262
250,000
IT Graduates working in the Export IT Firms 10,000 16,569 27,615 46,025 76,709
IT Graduates working in Domestic IT Firms 25,000 33,250 44,223 58,816 78,225
Bandwidth in Mbps 608
1,222
2,456
4,937
9,924
57
STRATEGIC FRAMEWORK
VISION 2010
Over ten billion dollars in annual turnover from several hundred million dollar services companies, leading product companies, and ten additional FORTUNE 500 and GLOBAL 2000 development centers.
Internationally recognized as a leading IT destination 800 IT companies in the country 10 IT/Technology Parks nationwide providing 20 million square feet 230,000 IT graduates in the country 250,000 IT and non-IT graduates employed by the IT Industry USD 200 mil annual disbursement by VC Funds to the IT Industry 10 GBS International Internet Traffic with 99.99% uptime Over 300 ISO, CMM, ISO 27001, Six Sigma, OPM3, ITIL and certified companies Effective regulation for Convergence Facilitation, IPR protection, data protection, and prevention of electronic crimes and smooth regulatory approvals. Accurate, yearly updated industry data.
58
STRATEGIC FRAMEWORK
Global economic downturn
Country Branding
Support of Other Government Agencies (CDA, CAA, PTA, PTCL, HEC, SBP, SECP, CBR, MOFA, MOF, Planning Commission)
EXTERNAL RISK AREAS
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THANK YOU