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On 17th March, 2022, Our Chief Consultant Syed Haseeb ur Rahman has given detailed interview to Pakistan Business Council (PBC). Ms. Rabia Tariq (Senior Research Analyst) and Mr. Samir Amir (Director Research) inquired about the scope of accounting services exports and our better off and worse-off as compared to our rivals countries. They also asked about the Govt support and recommendation (if any). Mr. Haseeb answered their question professionally and has given recommendation to fresh accountants, other accounting services provider and local software houses about the tactics to tap international market.
The Pakistan Business Council (PBC) is a private sector business policy advocacy platform, comprising of Pakistan’s leading private‐sector businesses including multinationals. One of the key thrusts of the PBC is to promote “Make-in-Pakistan” which besides manufacturing includes services exports and agricultural products. Make-in-Pakistan aims to create jobs, generate value‐added exports and encourage import substitution.
In 2020, value-added services contributed 52.8% to Pakistan’s GDP and around 38% to employment in Pakistan, making the services sector extremely important for economic growth. With the services sector coming to the forefront, our research indicates that based on global demand and Pakistan’s own strengths, the country’s focus should be on selected categories of service export, which is why the PBC is currently doing an in-depth study on Classification 10: “Other Business Services”, which includes a sub-section on “Accounting, Auditing, Bookkeeping, and Tax Consulting Services”.
As demand for professionals is increasing globally, the Other Business Services sector is expanding exponentially, making it vital to analyze this sector. In fact, this sector has the highest exports worldwide, along with the fourth-highest growth rate. However, latest data shows that Pakistan’s exports of “Accounting, Auditing, Bookkeeping, and Tax Consulting Services” amounted to $42 million which is way below potential.
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