The ongoing IT Park in Karachi is set to act as a catalyst for the creation of job and business opportunities for the people, especially the youth, reports WealthPK. The project aims to become a gateway for innovation in Pakistan and is slated to be completed by 2026, costing approximately Rs42 billion. The project will employ over 20,000 IT professionals, promote business opportunities and boost the economy. Titled “Establishment of IT Park, Karachi”, the project was approved by the Executive Committee of the National Economic Council (ECNEC) on June 4, 2021 at a capital cost of Rs41.39 billion ($186.658 million), including a Rs35.13 billion ($158.416 million) loan from the Korean Exim Bank and a local share of Rs6.25 billion ($28.242 million) from the Public Sector Development Programme (PSDP). The purpose of such parks is to provide a place where innovative businesses can develop and prosper. Most software technology/IT parks provide ample space for business development. Governments all over the world often invest in such parks to boost their regional and national economies.

The top three benefits of technology parks are first, to boost a knowledge-based economy; second, to encourage entrepreneurship; and third, to develop the latest technologies in the region. The IT professionals and stakeholders have lauded the initiative, saying it will not only benefit the people of Pakistan but also the entire region. “The IT sector is an incubator for innovation and technological advancement. As Pakistan navigates the challenges of a rapidly evolving global landscape, a robust IT industry becomes a catalyst for driving innovation, fostering research and development, and placing the nation on the map of technological development,” said Naveed Khan, Director of IT Parks Wing, Sindh IT Department, while talking to WealthPK. “By doing so, Pakistan can attract foreign investment and partnerships. The focus of the plan on appropriate marketing strategies aligns with the goal of enhancing the nation’s global competitiveness, paving the way for collaboration with international stakeholders.

Moreover, a thriving IT sector can act as a buffer, reducing dependence on traditional industries. With a youthful population, Pakistan’s demographic should also be considered as a strategic asset.” He said the Karachi IT Park had been established by the federal government, while the Sindh government had offered coordination for the park development. Pakistan recently unveiled its first-ever IT and IT-enabled Services (ITeS) export strategy, which aims to increase IT exports by up to $10 billion in the next three years. The strategy has been developed by the Pakistan Software Export Board (PSEB) under the Ministry of IT and Telecommunication in collaboration with PricewaterhouseCoopers (PwC) and other international partners.

Credit: Independent News Pakistan (INP)