State-Of-The-Art Technology park is being built in Islamabad Pakistan’s Capital will have this facility by 2020 in order to boost the IT sector in Pakistan.
Korea Exim Bank via Economic Development Cooperation Fund (EDCF) will provide funding to PSEB to complete this project by 2020. The facility will have wide area covering 47.7 acres of land in Chak Shahzad. Loan agreement is already been signed in which $88.25 will be given for the first phase. Ministry of IT said, software technology parks encourage to facilitate IT companies and are the major drivers to boost the IT Industry’s growth as well as plays major role in overall development of the country.
Pakistan Software Export Board (PSEB) has leased 45 acres of land in Chak Shazad to start the development of IT park, the construction would be divided in two phases on 14.9 acres of land. IT parks in Karachi and Lahore are also expected to be started soon according to PSEB.
PSEB is following its mission to accommodate IT industry in Pakistan and increase IT exports of the country. Therefore, it becomes a major function for PSEB to construct, develop, maintain and operate and improve IT parks in the country and focus on continuous improvement of the IT industry.
According to PSEB survey reports which the organization has been conducting for years, indicate that not having state-of-the-art IT parks is one of the top 3 barriers in the growth of IT industry apart from providing working space for IT companies.
IT parks serves as a major bridge between academia, Industry and government which together push the vehicle of IT industry. There are several examples of IT parks which contribute towards economic growth including China and Korea, in 2014 Korea allocated the budget of 2 billion to foster ICT and startups in the country. The ministry of Science, ICT and Future planning in Korea has significantly elevated the economic situation of the country with the help of ICT provision.
According to Global ICT Report, Pakistan is still ranked at number 112 and India is ahead of Pakistan ranked at 89. Initiatives like IT parks and government involvement would not only increase the world ranking of Pakistan’s ICT industry but also would play significant role in improving its economy.