Pakistan is facing significant economic challenges, with foreign exchange reserves hovering around $4 billion, and a decline in both export receipts and import payments. The country finds itself in the midst of another balance of payment (BoP) crisis. However, one sector that could aid Pakistan’s escape from the recurring BoP crisis is the ICT industry. The trend of exports of ICT services has been rising, contributing more than $600 million towards the country’s surplus in 2021. Developing a viable ICT sector requires significant investment in communication infrastructure, educational and training facilities, and easier access to technologies such as computer hardware, software, and mobile phones. However, access to the internet and the quality of fixed broadband infrastructure remain significant challenges for Pakistan. The country is also ranked as one of the most restrictive economies in terms of the applied tariffs on the imports of ICT goods, although it is ranked one of the most liberal countries in terms of the restrictions of foreign investment in the ICT sector. The government must encourage investment by facilitating ICT entrepreneurs to tap into the potential of the industry.