Launch of the Mega IT Park project.
intends to house almost 225 businesses and produce over 20,000 IT jobs.
The largest Information Technology (IT) Park project in Pakistan was officially launched in Karachi on Monday by Syed Aminul Haque, Federal Minister of Information Technology and Telecommunication (MOITT).
The IT Park project, which would cost about Rs42 billion when finished in 2026, intends to open Pakistan to innovation.
According to Haque, who spoke at the project’s debut, it will eventually employ over 20,000 IT workers, foster commercial prospects, and stimulate the economy.
The Executive Committee of the National Economic Council (ECNEC) approved the “Establishment of IT Park, Karachi” project at its meeting on June 4, 2021, for a capital cost of Rs. 41.39 billion ($186.658 million), which includes an Rs. 35.13 billion ($158.416 million) loan from the Korean Exim Bank and a local share of Rs. 6.25 billion ($28.242 million) from the Public Sector Development Programme (PSDP).
These parks serve the objective of giving innovative firms a place to grow and succeed. The majority of IT and software parks offer plenty of room for corporate growth. He continued, “Governments from all over the world frequently invest in these technology parks to strengthen their local and overall economies.
According to him, the knowledge-based economy, entrepreneurship, and the development of cutting-edge technologies in the area are the top three advantages of technology parks.
IT experts and other stakeholders applauded the move and added that the entire area would gain, not only Karachi or Pakistani citizens.
Noman Ahmed, CEO of Si Global, praised the decision in an interview with the Express Tribune, saying, “It is great news that Karachi is finally getting an IT Park – the rest of the provinces have already started working on similar spaces, so it will prove to be a great opportunity for technological exploration in the region.”
He added that “Exports have already surged in this area and its performance speaks for itself,” noting that “Karachi is already superior in technological capability, and creating an IT park here will prove even more useful and create more cash.”
“Brick and mortar are not roadblocks to technological development and digitization, but it depends on how well the piece of land is used to create an ecosystem that offers timely incentives and creates technological hubs, not only for tech businesses but for all Small and Medium Enterprises (SMEs),” ABCore CEO Khurram Shehzad said in a statement highlighting the significance of creating a relevant ecosystem.
According to Waqas Ghani Kukaswadia, an ICT analyst at JS Global, “in global tech parks, similar enterprises are positioned in close proximity to encourage an environment of collaboration, eventually leading to the development of the overall industrial activity.”
In order for Pakistan to compete on a global scale, cooperation for technical improvement and innovation is essential, continued Kukaswadia. “Pakistan’s digital entrepreneurial ecosystem is still in its infancy.
