NetSol Technologies Lauded by Newsweek Asia as Contributor to Pakistan's Dramatic Economic Revival


Calabasas, CA: NetSol Technologies, Inc. (NASDAQ:NTWK), a developer of proprietary software applications and provider of information technology (IT) services, was recently among the companies highlighted in a March 2006 Newsweek (Asia Edition) story, "Promise in Pakistan." The article highlights how new economic policy and leading companies such as NetSol have driven the country's dramatic turnaround from a 1990s failed state to a thriving global player with the second largest gross domestic product (GDP) growth rate in the world.
"We are delighted to be counted among champions of the Pakistan economic revival," commented Salim Ghauri, President of NetSol Technologies. "The country's leadership and new aggressive economic policies in the late 1990s provided the foundation for companies such as NetSol to thrive, not only locally but on a global scale. We are proud to be recognized by Newsweek and look forward to furthering Pakistan's success."
The article went on to highlight key factors behind what is being hailed as one of the world's most surprising economic success stories. After years of instability and being relegated to the ranks of practically a failed state, Pakistan has staged a dramatic turnaround. Last year the country's GDP growth rate hit 8.4 percent, the world's highest behind China, following two years of six percent growth. By focusing on boosting fiscal discipline, government transparency and accountability, former economic czar and current Prime Minister Shaukat Aziz dramatically reduced the deficit, increased tax revenues, lowered interest rates, and spurred foreign investment. In short, the red hot economy has created tremendous opportunity, opening Pakistan for business on a global scale.
About NetSol Technologies, Inc.:NetSol Technologies is an end-to-end solution provider for the lease and finance industry. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the US, Europe, East Asia and Asia Pacific. NetSol helps its clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 4 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com.

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Editor: Akhtar M. Faruqui
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