The gaming industry is on the rise in Pakistan, as mobile games generated $171.3 million in the year 2022, including $21.34 through online games and $16.13 million through download games. Muhammad Zohaib Khan, Chairman of Pakistan Software Houses Association (P@SHA), predicted that the revenue in the video game segment will exceed $200 million in 2023. However, he said, this is not enough, given the true potential and expandable human resource pool of Pakistan’s gaming industry

Pakistan employs around 8,500 game developers in three major sub-sectors, namely gaming products, middleware and gaming services. “We can easily add 3,000 gaming developers to the HR pool every year. In that fashion, Pakistan can comfortably attain a 30% year-on-year (YoY) growth in the gaming industry’s foreign remittances – provided we can invest into HR and skill development for aspiring game developers,” Zohaib said.

Zohaib referred to Statista Market Forecast and International Trade Centre (ITC) and informed that Pakistan has the potential to become next regional hub in game development as 64% of its population is young, and through targeted skill development, Pakistan can surpass its yearly projections.

He reiterated that the federal government, State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) need to adapt their practices and regulations to international best practices and allow the IT and ITeS industry to freely manage their hard-earned foreign exchange to fund their businesses; reinvest into their entities; invest into marketing, sales and networking and, at the same time, contribute to strengthening Pakistan’s foreign exchange reserves.

The P@SHA chairman elaborated that ease of doing business for the IT and ITeS industry can only be ensured if they are allowed to freely manage their finances and remittances through banking channels, as IT professionals are a pool of dynamic entrepreneurs and young professionals in various verticals, aligned with international best practices.

“However, this has to be a win-win situation for the government institutions and the gaming industry alike and the IT industry as a whole. The apex platform of P@SHA is ever-willing to have a constructive and egalitarian consultative process with the SBP and FBR to resolve their outstanding issues,” he added.

Credit: Independent News Pakistan-WealthPk