By Our Staff Reporter
Following direction of Prime Minister Imran Khan, the Special Technology Zones Authority (STZA) has signed an MoU with i-ENGINEERING Corporation to build state-of-the-art infrastructure that can facilitate and promote business environment in Pakistan.
Officials said work has been initiated to establish the first Special Technology Zone (STZ) in Islamabad. The Islamabad Special Technology Zone will be the pilot project of the Special Technology Zones Authority (STZA). Soon after his election as Prime Minister of Pakistan, Imran Khan has been promoting Information Technology across country. His government has recently taken elaborate measure to develop the technology sector in Pakistan. The Special Technology Zones Authority has been mandated to provide legislative and institutional support to encourage investments and high-tech business in the technology zones across Pakistan.
Authorities confirmed that steps have been taken to transform Pakistan into hub of Information Technology.
“Islamabad Special Technology Zone is based on 150 acres of land in the Islamabad Capital Territory. The land has been identified and approved by the Capital Development Authority (CDA) and the land has been earmarked for the establishment of the Islamabad Special Technology Zone,” Mr. Amer Hashmi, Chairman STZA, told journalist on Friday.
Officil documents seen by this correspondent revealed that the Islamabad Special Technology Zone (STZ) will include the state-of-the-art iENGINEERING Technology Park. It will develop a business campus, which will comprise of a cluster of mid-rise energy efficient buildings over 250,000 sq. feet in Islamabad STZ with initial investment of US$ 2 million which will create more than 2,500 highly skilled jobs and will generate over US$ 100 million in the next five years.
Government of Pakistan has already announced incentives to attract local and foreign technology companies with Pakistani descent owners, startups, and tech-hubs which will initially materialize up to US$ 50 million of zone enterprise cumulative annual revenue for Islamabad STZ.
It is worth mentioning here that the Special Technology Zones Authority has been mandated to develop a technology-driven knowledge ecosystem to encourage hi-tech innovative solutions and futuristic entrepreneurship. STZA will develop a national network of Special Technology Zones which will change the economic outlook of Pakistan by enhancing IT exports and encouraging technology and knowledge transfer from global technology hubs.
According to the Memorandum of Understanding signed on Friday pril 24, 2021, both the organizations will work together to achieve high-tech industrial growth, create job opportunities, up-skill the youth, and attract Foreign Direct Investments (FDI) through development of a knowledge ecosystem driven by innovation and collaboration.
“iENGINEERING Technology Park will have the first mover advantage for the pilot technology zone of the Islamabad STZ. It will focus on transforming cost centers into profit centers, which will significantly increase revenue capacity,” Mr. Riaz Ahmad, Chief Executive Officer of iENGINEERING Corporation said on Friday.
iENGINEERING Technology Park plans to facilitate acquisition of foreign Pakistani-descent businesses by providing a mechanism for zone enterprises to invest their profits and acquire new customers and generate new revenue streams. While welcoming the first Tech Park developer, Mr. Aamer Saleemi, Chief Executive Officer of Islamabad STZ, assured his full support in early execution of the project. He said that Islamabad STZ will act as a catalyst for enhancing the IT exports of Pakistan and it is expected to attract more than US$350 million Foreign Direct Investment in the technology sector which will provide job opportunities to more than 200,000 youth of Pakistan.
Analysts in Pakistan believe that the proposed project will bring immense benefits to Pakistan by attracting top IT companies for investment in Pakistan.
It will also provide safe, convenient and affordable office spaces to nurture home grown IT business and will generate thousands of new jobs for Pakistani IT talent while increasing the competiveness of Pakistan’s IT product in global market, the CRCCI representative highlighted.